• Duncan Cooper , Senior Market Strategist & Trading Mentor at ACY Securities


• 25.05.2021 04:15 am
Forex

EURUSD Overview:

Watch the video for a summary of today’s news releases, a review of the USD Index, and complete Top Down Analysis of the EURUSD.

EURUSD Weekly:

Weekly support at 1.1704, resistance at 1.2243.

On the weekly chart we may be seeing a double top. Price has moved up to resistance at 1.2243 and then sold off during last Friday’s trading. MACD on the weekly has shown negative divergence and this current move up could be the last weekly rally before a longer-term decline.

EURUSD Daily:

Daily support at 1.2181, 1.2150 and 1.2051, resistance at 1.2245.

Price is holding to an uptrend and on Friday closed at daily support at 1.2181. Price did show a reversal candle and it may be the first sign of a change in trend at or above the 1.2200 level.

Price closing above 1.2245 resistance would keep the uptrend in play. Another retest and failure at the 1.2200 level would present an ideal opportunity to sell at a strong resistance level. Price breaking below 1.2051 support would confirm a change in trend and start to confirm the possibilty of a weekly double top and a larger move down.