EUR/USD made upward strides on Thursday, rebounding from the technical support level at 1.0725. Prices now face a significant barrier around 1.0790, where the 50-day and 200-day simple moving averages intersect. If buyers manage to break through this resistance, the next target could be trendline resistance at 1.0810, followed by a key Fibonacci level at 1.0865.

On the other hand, if the market experiences a reversal and retreats, initial support is expected at 1.0725, followed by 1.0695. It's essential for bullish momentum to defend this support level vigorously to prevent a more significant decline. A failure to do so could lead to a drop towards 1.0645, with further losses potentially reaching the April lows at 1.0600.

EUR/USD FORECAST - TECHNICAL ANALYSIS (May 10, 2024)

May 10 2024

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