Europe’s common currency has been caught in a month-long tailspin, with analysts forecasting deeper declines in the near term. What levels should traders watch? Find out with the 30 May EURUSD Technical Forecast.
30 May, OctaFX – Europe’s common currency has been caught in a month long tailspin, with analysts forecasting deeper declines in the near term. EURUSD was last trading at 1.1537, having declined roughly 1,000 pips from the February high. Levels to watch include 1.1519 on the downside and 1.1600 on the upside.
Increasing political jitters in Italy
The euro currency remains under heavy selling pressure against the US dollar, with the pair earlier sinking to a fresh six-month trading-low, hitting 1.1518.
Financial markets have become increasingly worried about Italy’s current political and fiscal situation, causing investors to sell the euro currency.
The EURUSD pair risks further heavy selling below the 1.1500 level, ahead of the release of key Inflation and Retail Sales data from the German economy.
30 May EURUSD Technical Forecast
- The EURUSD pair remains strongly bearish while trading below the 1.1544 level. Key intraday support is located at the 1.1500 and 1.1425 levels.
- If the EURUSD pair moves above the 1.1554 level, we may see a technical correction back towards the 1.1590 and1.1639 levels.
This article about 30 May EURUSD Technical Forecast 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.