Technical Analysis for EURUSD for 30th May 2023
Euro Finds No Relief, USD Bulls Press On Targeting $1.0500
Past Performance of EURUSD
From the EURUSD daily chart, it is evident that sellers are in control, taking charge. USD bulls have been relentless, and at this pace, EUR prices may easily slip to $1.0500, retesting March 2023 lows. Notably, the banding of bars along the lower BB suggests that the selling momentum is strong, indicating that there could be more losses in the days ahead.
EURUSD Technical Analysis
Every attempt higher in the EURUSD chart, below the $1.0750 resistance line, could offer an entry for aggressive sellers angling for a retest of $1.0500. As it is, the candlestick arrangement strongly favors sellers who appear to be setting their eyes on March lows. Besides the alignment along the lower BB, the past few candlesticks have closed with long upper wicks showing that sellers have quashed all attempts for higher highs. As EUR breaks down lower in lower timeframes, traders could search for riding the trend.
What to Expect from EURUSD
Without a sharp expansion above $1.0750, sellers remain in control. The downside momentum might not be as strong as last week. Still, EUR is under pressure and could continue posting losses in the session ahead since the candlestick arrangement favors USD bulls.
Resistance level to watch: $1.0750
Support level to watch: $1.0500
Disclaimer: Opinions expressed are not investment advice. Do your research.
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