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