See also
28.05.2021 01:56 PM
EUR/USD now alternates gains with losses around the 1.2200 area after testing once again the key support in the 1.2170 region earlier in the session.
The range-bound theme in spot follows the broader consolidation in the global markets against the backdrop of the pick-up in yields on both sides of the Atlantic. In fact, yields of US 10-year Treasuries manage to surpass the 1.60% level, while yields of the German 10-year Bund rebounded to -0.16%.
EUR/USD recorded new 4-month highs near 1.2270 earlier in the week before coming under some selling pressure to the 1.2200 neighbourhood. With MACD momentum holding a clear bearish divergence the threat of a top remains. Below 1.2160/59 would see this confirmed to clear the way for a fresh swing lower within the broader range of the past few months
We would see support at 1.2134 initially ahead of 1.2108/03 and then 1.2053/51 – the mid-May low and 38.2% retracement of the March/May rally and 'measured top objective'. Our bias would then be to look for a fresh and ideally important floor here.
Resistance stays seen at 1.2216/17 initially, above which is needed to ease the immediate downside bias, with a break above 1.2241 needed to ease the topping threat for a move back to 1.2264/67. Above here can reassert the uptrend for a test of 1.2322/1.2350
Our new app for your convenient and fast verification
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.
