The euro’s recovery attempt came up short on Monday, as prices crashed back down to new yearly lows. What are traders now focussed on? Find out in this 29 May EURUSD Intraday Technical Outlook from OctaFX.
29 May, OctaFX – The euro has moved to a fresh yearly-low against the US dollar, hitting 1.1607, as Italian and Spanish political concerns cause traders to move away from the single currency and into greenbacks.
The EURUSD pair currently trades around the 1.1630 level, with selling likely to intensify if sellers breach the 1.1607 handle. Traders continue to remain focused on rising Italian bond yields and the intraday direction of the US dollar index.
29 May EURUSD Intraday Technical Outlook
- The EURUSD pair is intraday bearish while trading below the 1.1655 level. Key support is located at the 1.1607 and 1.1553 levels.
- If the EURUSD pair moves above the 1.1655 level, we may see a technical correction back towards the 1.1692 and 1.1727 levels.
This article about 29 May EURUSD Intraday 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.