The bears dominated the market of EURUSD at the end of the American trading session.
The US Dollar strengthened against the common currency throughout most of the trading day. First, during the European trading session, the sellers dropped the currency pair down to 1.3640.
After that, the bulls desperately tried to regain the lost ground during Mario Draghi's speech. Still, the speech failed to support the Euro while the buyers tried in vain. The price failed to overcome 1.3640 and the bulls gave up. Finally, at the end of the American trading session, the price dropped down to 1.3612, thereby setting another monthly high 2 points below the previous one.
The US Dollar showed strength amid positive US consumer sentiment figures. After a drop to 81,7 in April, the index grew up to 83.0 in May, thereby exceeding expectations and triggering dollar purchases.
According to the experts working for Masterforex-V Academy, the technical analysis of the currency pair shows that there have been no major price changes since the European trading session. Still, the currency pair set another local low at 1.3612, thereby confirming that the bearish trend is still underway.
Another wave (wave 5) of the bearish count is being developed by the price from 1.3668. The 5 wave count started at 1.3733 (marked blue in the chart below). The downtrend took place within the scope of a bigger-scale range between 1.3614 and 1.3668. Still, later on, the price pinned through the bottom of the mentioned range. At this point, the breakout cannot be considered turns until the price turns the bottom into a level of resistance by consolidating below it, Masterforex-V Academy underlines.
Resistance: 1.3637 + 1.3656 + 1.3668 + 1.3686, 1.3719 + 1.3734 + 1.3770.
Support: 1. 3614 (12) + 1.3595.
