Europe’s common currency is coming off another disappointing week, as prices resumed their general downtrend. Have a look at today’s 21 May EURUSD Technical Outlook for a more detailed technical picture.
21 May, OctaFX – The euro currency remains under heavy selling pressure against the US dollar after falling to a fresh monthly-low in early Monday trading, hitting 1.1743. The EURUSD pair currently trades around the 1.1750 level, with downside pressures building as traders continue to buy the higher-yielding US dollar. Italian political and economic uncertainty and continued strength in the greenback remain the key drivers of the EURUSD.
21 May EURUSD Technical Outlook
- The EURUSD should experience further selling below the 1.1750 level, key support is found at the 1.1711 and 1.1650 levels.
- If the EURUSD pair holds above the 1.1750 level, buyers may test back towards the 1.1780 and 1.1800 resistance level.
This article about 21 May EURUSD Technical Outlook was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.