25/05 EURUSD eyes on 1.1023 level


TECHNICAL WEEKLY/DAILY OUTLOOK – EURUSD 25th of May (4:26GMT)

EYES ON 1.1023

NEWS THAT CAN HAVE AN IMPACT:

As written Friday “a bearish breakout of 1.1070 will lead EUR/USD to 1.1023, important support area”. It happened after failing the 1.1220 area and the violent reversal is due to higher-than-expected inflation figures from USA, as released Friday.

Now 1.1023 turns into an important support.

In case of further confirmations of its breakout, I see EUR/USD falling between 1.0860 and 1.0840.

A bullish correction is anyways likely to happen. Let’s understand what resistances are on the way:

First resistance: 1.1060

Second resistance: 1.1120

This is the calendar of the hot news of the week:

Tuesday
USA Core Durable Goods Orders (13:30 GMT)
USA CB Consumer Confidence, New Home Sales (15:00 GMT)

Thursday
Eurozone Spanish GDP (08:00 GMT)

Friday
USA GDP (13:30 GMT)

EURUSD 25th of May EURUSD 25th of May – H4 (Chart time 4:26GMT)

EURUSD 25th of May EURUSD 25th of May – H4 201 (Chart time 4:26GMT)

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