EUR/USD: Is a move towards the 1.0575 level expected?
|EUR/USD
Looking at EURUSD’s Chart, we can see the extended downtrend and the weakening of the Euro continues, falling from the 1.0725 on the 27th of April, to the 1.065 initially and basing at the 1.055 on the 29th of April. Since then, it found support at the 1.048 range and stayed above it, consolidating in the 1.05 range for the remainder of the week. Also attempted to move higher, looking to breach the 1.0575 range but unable to do so it returned to the 1.0525 range. It was last found trading at the 1.05 range.
Today we could expect a move towards the 1.0575 level which now acts as closest temporary resistance level.
If, however it doesn’t manage to hold on the current range or at least consolidate then a move below the 1.048 support level.
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