Technical Analysis for EURUSD for 11th May 2023
Euro Dropping, USD Bulls Targeting 1.0860 in a Breakout
Past Performance of EURUSD
Euro bulls are losing momentum, allowing USD bulls to double down. As it is, EURUSD is within a bearish formation with primary resistance at $1.1100. With prices below the middle BB and 1.0965 broken, sellers can look for entries with targets at 1.0860 and 1.0730 being immediate and medium-term targets.
EURUSD Technical Analysis
After sharp gains from March through April, prices are cooling off in a welcomed retracement. There is a double top following rejections of bulls early this month. Since prices are below the middle BB and 1.0965, breaking out below the range, traders can search for unloading opportunities. Tight resistance remains at 1.0965, but ideally, resistance remains at 1.1100. Short targets will be at 1.0860 and 1.0730, key reaction points of the Fibonacci retracement levels of the March to April trade range.
What to Expect from EURUSD
USD bulls will likely press on, reading from the current sharp losses in the European session. Prices are dropping as USD bulls have broken below yesterday’s lower range. As such, the bearish preview stands as long as prices are below the middle BB and $1.1100.
Resistance level to watch out for: 1.1100
Support level to watch out for: 1.0860
Disclaimer: Opinions expressed are not investment advice. Do your research.
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