Forex Opinion & Analysis

EUR/USD To Move Below Support?

Looking at the EUR/USD chart, we can see the fall from the 1.06 range on the 30th of April to the 1.05 range on the 3rd of May and the formation of the support at the 1.049 level.

We saw a spike from the 1.055 range to the 1.062 range during yesterday’s session, momentarily reaching as high as 1.064, but the move faded after that, returning to the 1.055 level. Earlier today, it fell lower, close to the support level of 1.049, and it was last found trading at the 1.051 range.

Today we could expect a move towards and below the 1.049 support level. If, however, it manages to hold on to the current range, then a move towards the 1.058 closest resistance level.EUR/USD price chart.

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