Late in the week, EUR/USD showed subdued performance, failing to maintain its upward momentum post Wednesday's bullish breakout. The exchange rate fluctuated but managed to hold above 1.0865. Bulls need to maintain prices above this level to prevent a resurgence of selling pressure; a failure to do so may lead to a pullback towards the 1.0810/1.0800 area.

Conversely, if buying pressure resumes and the pair climbs higher, it may encounter resistance around 1.0980, a significant technical level marked by the March swing high. Further strength beyond this point could embolden buyers to target 1.1020, marked by a dynamic trend line originating from the 2023 peak.

EUR/USD FORECAST - TECHNICAL ANALYSIS

May 20 2024

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