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EUR/USD Price Analysis: Monthly Top Pullback Remains Unattainable Above 1.0710

Alina Haynes

May 25, 2022 09:53

EUR/USD reaches a new intraday low under 1.0720, consolidating weekly gains near the monthly high. In doing so, the main currency pair demonstrates weakness below the 50-day simple moving average (SMA) and indicates more losses below the 11-week-old resistance-turned-support line.

 

Notably, a stronger RSI (14) and a clear upward breach of the prior resistance line at 1.0710 kept the pair buyers optimistic.

 

Even if the price falls below 1.0710, the early-month top of 1.0641 and an upward-sloping support line from May 13 at 1.0570 will test EUR/USD bearish before the 21-day moving average of 1.0547.

 

Alternately, the 50-day simple moving average level of 1.0765 threatens the EUR/USD pair's near-term upside ahead of a downward sloping trend line from February approaching 1.0840.

 

Should the price surpass 1.0840, the 1.0936 swing high from late April and the psychological 1.1000 level would attract EUR/USD bulls.

EUR/USD: Chart Daily 

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