As of the end of today's European trading session, the common European currency continued its weakening against the US Dollar. In particular, the currency pair set another local low at 1.3585. The decline of EURUSD took place amid negative economic figures coming from the eurozone. Apart from that, the common currency lost a bit of its value due to the expectations of further monetary easing by the ECB in June.
Still, some experts believe that the common currency remains strong. They confirm it by the fact that EURUSD managed to recover a bit after setting the low. In particular, the price initiated a bullish reaction up to 1.3623, Market Leader reports.
EURUSD
According to the comprehensive analysis of the currency pair conducted by Masterforex-V Academy, the H1 chart still indicates a bearish tendency, which means that the sellers are still dominating the market despite the recent minor recovery. The recovery from the local low up to 1.3620 completed the downswing 1.3668-1.3585. The mentioned bullish move is considered as a reaction. Therefore, the currency pair went back into the 1.3612-1.3668. price range.
The bullish reaction is still taking place within the scope of the 3rd bearish wave - 1.3668-1.3585. At this point te recovery reached 505 of the bearish move.
Resistance levels 1.3524, 1.3535, 1.3656 + 1.3666 + 1.3668 + 1.3686, 1.3719.
Support levels: 1.3585 + 1.3570.
