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Eurusdprice

#Euro Contracts, USD Bulls Find Reprieve after 2 Month Bear RunPast Performance Euro prices are lower as USD bulls rejected attempts for higher highs. The immediate resistance lies at 1.1100, as a double top will likely print in the upcoming sessions. A notable development when prices rejected higher prices on May 4 was the rise in trading volumes. This may suggest that USD bulls are keen to participate, a move that could press the Euro further in the days ahead. #EURUSD Technical Analysis The rejection of higher highs on May 4 prints out at a critical resistance level. The 1.1100 resistance line flashes with April resistance. It is also within the same range as February peaks. While bearish, how prices move in the next few days depends on if USD bulls press on. Any breakout below the current range at 1.0960 may trigger a sell-off towards 1.0850 and 1.0750. These are critical Fibonacci retracement levels of the March to April 2023 trade range. What to Expect? USD bulls are confident, and the EUR Bull Run could be over. This depends on whether prices drop below the immediate support level today or in sessions ahead. Any upswing above 1.1100 will invalidate the bearish preview, allowing Euro bulls to continue with the upswing from early March. Resistance level to watch: 1.1100 Support level to watch: 1.0960 Disclaimer: Opinions expressed are not investment advice. Do your research.
Short
by Bitcoin_Analyzer
#Euro Retesting Key Resistance Line, Double Top Forming?Past Performance Euro bulls have the upper hand, printing higher highs in the daily chart. Gains of May 3 were conspicuous but failed to break out above 1.1100. Still, the bulls have the upper hand despite the clear double-top forming. #EURUSD Technical Analysis The Fed raised rates but didn't push the Euro above the immediate resistance level. The May 3 bar closed with a long upper wick suggesting sell-off in the tail end. Moreover, trading volumes are lighter, hinting at weakness after a strong performance in the last five months. As prices consolidate and momentum drops, traders should watch out for how prices react at 1.1100 on the upper hand and 1.0965 on the lower end. For bears to take charge, a high volume bar must break below 1.0965, confirming the bearish engulfing bars of April 14 and 25. Conversely, a break above April highs may see the Euro extend gains, powering towards 1.12. What to Expect? Euro bulls are in control following a 5% gain since January. There is a possible double-top forming, and momentum is waning, questioning the strength of the upsides. In the days ahead, a comprehensive, wide-ranging breakout above immediate resistance will rejuvenate demand, further pumping the Euro. Resistance level to watch out for: $1.1100 Support level to watch out for: 1.0965 Disclaimer: Opinions expressed are not investment advice. Do your research.
Long
by Bitcoin_Analyzer