Tatiana Kashyrskaia
Today's trading sessions indicated more pressure coming from the bears. Since the beginning of the European trading session, the currency pair has been going down while being pressed by the sellers. At the end of the trading session, the price set a new daily low at 1.3593.
The downswing of EURUSD was backed by negative economic stats from Germany, the eurozone's biggest and strongest economy. In particular, the country's economic activity index declined from 52,9 points in April down to 52,3 points in May, thereby indicating an economic slowdown.
After that, the currency pair initiated a slight bullish reaction to touch 1.3627, which was followed by another bearish move later, during the American trading session. The price broke below the previous local low is currently trading close to 1.3590, Market Leader reports.
Meanwhile, the trading experts working for Masterforex-V Academy analyzed the situation in the H1 chart of EURUSD and made some projections for the currency pair.
The mentioned chart canceled the bullish scenario set for today since the price retested and broke below 1.3599. Moreover, the price broke below the previous low of the day set at 1.3593. This price behavior hints at the likelihood of a further downswing, Masterforex-V Academy reports. In order to confirm the supposition, the price needs to break below 1.3585. At this point, the currency pair is trading within the scope of the 1.3585-1.3649 price range.
The levels of resistance changed a bit: 1.3623 + 1.3634 + 1.3649 +13667.
The levels of support are still the same: 1.3593 + 1.3585.
Tatiana Kashyrskaia
