31 May EURUSD Intraday Technical Analysis: Bullish above 1.1600 level


The continuation of the selling bias around the greenback is lifting EUR/USD to the area of session tops near 1.1700 the figure on Thursday. Nevertheless, what next can traders expect? The following 31 May EURUSD Intraday Technical Analysis from OctaFX will reveal.

31 May, OctaFX – The euro has started to correct higher against the US dollar, hitting 1.1675, following the release of weaker than expected data from the United States economy on Wednesday.

The EURUSD pair remains bearish in the medium-term while trading below the 1.1715 level, but still retains an intraday bullish bias above the 1.1600 level.

EMU’s advanced CPI next of relevance in Euroland today

EURUSD traders will likely find direction from the US dollar index and the latest news coming out from the Italian economy.

There are no new headlines coming from Italy other than potential alliances in the upcoming snap elections. The lack of significant news appears to have removed some tailwinds from the selling mood that hit the shared currency in past sessions.

Data wise in Euroland, EMU’s advanced CPI figures for the month of May will grab all the attention later in the session. Across the pond, inflation figures tracked by the PCE are due seconded by Personal Income/Spending, Pending Home Sales, Initial Claims and the speeches by FOMC’s R.Bostic and L.Brainard.

31 May EURUSD Intraday Technical Analysis

  • The EURUSD pair is intraday bullish while trading above the 1.1600 level. Key resistance is located at the 1.1715 and 1.1750 levels.
  • If the EURUSD pair moves below the 1.1600 level, we may see a technical correction back towards the 1.1554 and 1.1500 levels.

Disclaimer

This article about 31 May EURUSD Intraday Technical Analysis 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.

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