Technical Analysis for EURUSD for 29th May 2023
Euro Bearish Despite Doji Formation, Primary Support at $1.0700
Past Performance of EURUSD
Euro is bearish, and gains on May 26 were turbulent, supportive of sellers. However, with a doji forming and prices trending below $1.0760, there are hints that sellers could press on. Thus far, prices are around last week’s lows at $1.0700 and could break lower in spite of today’s gains.
EURUSD Technical Analysis
The short-term trend favors sellers. Resistance remains at $1.0760, and it is yet to be seen whether bears will press on, forcing prices below $1.0700 primary support. The doji bar on May 26 points to indecision and volatility. After sharp losses in the past two weeks, the euro will likely bounce back, closing above $1.0760. Still, if this pans out depends on how prices react at $1.0760 in the short term. A sharp, high-volume close could see the euro edge higher. If not, losses mirroring the recent pattern could heap more pressure on the euro, sending it toward $1.0500.
What to Expect from EURUSD
Sellers are firmly in control, but price action may favor short-term bulls. All this depends on if buyers will build from last week, expanding towards the $1.0760 reaction line.
Resistance level to watch: $1.0760
Support level to watch: $1.0700
Disclaimer: Opinions expressed are not investment advice. Do your research.
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