EUR/USD: Pair Could Move Towards The 1.0575 Level

2022.05.03 11:51

Looking at EUR/USD chart, we can see the extended downtrend and the weakening of the Euro continues, falling from 1.0725 to 1.065 initially and based at 1.055 on Apr. 29.

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. 

Today we could expect a move towards the 1.0575 level, which now acts as the closest temporary resistance level. If, however, it doesn’t manage to hold on to the current range or at least consolidate, then a move below the 1.048 support level.

EUR/USD price chart.

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