- Euro bulls started the week on the high note breaking last week’s high at 1.1725 in early Europe on Monday. The next bull target is likely situated at 1.1830 May 22 high.
- EUR/USD is finding some intraday resistance at 1.1745 which is the 100-period simple moving average on the 4-hour chart as US traders are entering the market.
- The 1.1650 level, if reached, should provide some support this week as last week EUR/USD bottomed at 1.1510 and on the way up the bulls defended the 1.1650 level on last Thursday and Friday.
- The 100-period simple moving average can be hard to break as the market has not been trading above it since April 20 of this year. However, a break above it would be considered as a strong bullish signal.
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Spot rate: 1.1720
Relative change: 0.52%
High: 1.1745
Low: 1.1658
Trend: Bullish
Support 1: 1.1650 last week key support
Support 2: 1.1600 figure and near May 28 low
Support 3: 1.1510 last week and 2018 low
Resistance 1: 1.1745-1.1750, 100-period simple moving average (4-hour chart) and May 24 high.
Resistance 2: 1.1830 May 22 high
Resistance 3: 1.1900 figure
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