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EUR/USD Price Analysis: Further gains on the table above 1.0790

June 1, 2022 by admin 0 Comments

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EUR/USD appears under pressure in the low-1.0700s.
The resistance line around 1.0790 caps the upside so far.

EUR/USD remains slightly on the defensive, although it manages well to keep the trade above the 1.0700 m ark so far on Wednesday.

The surpass of the 3-month resistance line, today around 1.0790, should see the downside pressure subsided and this could spark a fresh bout of strength in the near term. Against that, the next target of note then emerges at the weekly high at 1.0936 (April 21).

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.1242.