FX.co ★ Meacon | EUR/USD

EUR/USD D1 Let's discuss the current price behaviour analysis of the EUR/ USD currency pair. Traders did not suppress the EUR/USD pair price further despite favourable prospects in a technical analysis earlier, as evident from this week's closing results. The week's onset anomaly at the 1.1037 mark indicates future movements for the pair. The bulls approached the resistance line for D1 but faced a subsequent reversal, which was not uniform across all brokers. However, today, the bulls broke through the "Bullish Triangle" figure on H4-D1, surpassing its resistance line at the 1.0748 price mark. Subsequently, the pair retraced to this triangle's previously breached support line at 1.0748 on D1, fulfilling technical requirements. Although the 1.1035 mark remains elusive, the market bulls aim to conquer the 1.0889 resistance in the upcoming week, as indicated by the daily chart's triangle formation. Further strategies will likely be possible after addressing the 1.1034 level.

We anticipated news releases, which brought about market stabilization before closure. The bullish candle signalled a positive turn, leading to upward momentum, breaking the bearish trend throughout April. May witnessed a resurgence, albeit later than anticipated, marking a reversal in the USD's price strength. The market prediction is the same. This correction is welcomed after weeks of rapid appreciation, restoring equilibrium. Buying opportunities are favoured on pullbacks, pending Monday's market behaviour. Short-term bearish targets may be deferred for a month or two, focusing on surpassing 1.0807 to price target figures 12 and 13. Selling aspirations from 1.1300 remain a long-term goal.