Technical Analysis for EURUSD for 31st May 2023

Technical Analysis for EURUSD for 31st May 2023

Euro Dumps as Sellers Double Down, Resistance at $1.0760

Past Performance of EURUSD

The reprieve of euro bulls was quickly reversed on May 31 as the sharp liquidation ended attempts for higher highs and reversed gains. As it is, sellers are back in the picture, and yesterday’s highs at around $1.0760 will act as the liquidation line and resistance for aggressive short sellers.

EURUSD Technical Analysis

The path of least resistance is defined and remains southwards, reading from the candlestick arrangement in the daily chart. Traders looking for entries should search for short opportunities in lower time frames. This applies if prices are below the critical resistance levels of $1.0760 and $1.0850 in the short and medium term. Even so, the rapidity of the sell-off has been decreasing in recent days as bear bars diverge from the lower BB. It could imply that the trend downside momentum is fading, dampening volatility.

What to Expect from EURUSD

Sellers have the upper hand if the euro remains below $1.0760 and $1.0850. Still, how fast prices will dump depends on if there is confirmation with a wide-ranging bear bar printing and forcing prices below yesterday’s lows of around $1.0680.


Resistance level to watch: $1.0760

Support level to watch: $1.0680


Disclaimer: Opinions expressed are not investment advice. Do your research.

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