Technical Analysis for EURUSD for 24th May 2023
Euro Crumbles as USD Bulls Push On, Up Next $1.0500?
Past Performance of EURUSD
The immediate trend is resoundingly bearish and is apparent in the daily chart. Despite earlier attempts by euro bulls, gains were quickly reversed as USD pressed on. As it is, there may be more losses today as price action aligns with last week’s trend.
EURUSD Technical Analysis
The sharp drop on May 24 shows that USD bulls are firmly in control. Prices are now trending lower, retesting last week’s lows meaning every attempt higher may be an opportunity to double down. Notice that bear bars are riding the lower BB. It points to intense liquidation pressure. Therefore, with prices dropping, traders may ride the trend as long as $1.0850 or May 18 highs hold. The short-term target is $1.0500, or March 2023 low.
What to Expect from EURUSD
The trend is clear, and bears are dominant. As USD bulls push harder in a breakout, traders may position themselves for more losses as bears press on. This preview is valid as long as prices are below May 18 highs.
Resistance level to watch out for: $1.0850
Support level to watch out for: $1.0760
Disclaimer: Opinions expressed are not investment advice. Do your research.
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