Technical Analysis: EURUSD

EURUSD climbed to a one-week high

On Monday, as the USDX fell, EURUSD was boosted. It reached 1.1288 at one point, which marked the highest level since 9^th May.

The USDX was capped and declined

On Monday, as Moody’s downgraded America’s credit rating, the USDX was capped and declined. At one point it briefly came close to the 100 mark. It ended down 0.62% at 100.37.

Eurozone CPI met expectations in April

Eurozone CPI, y/y (April) was kept unchanged at 2.2%, meeting expectations, according to the data from the Eurostat. Eurozone CPI, m/m (April) was kept unchanged at 0.6%, meeting public expectations.

The bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, EURUSD rebounded steadily. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that EURUSD will rise further. Investors should focus on whether EURUSD will break through the resistance at 1.131. It will climb with potential resistance at 1.138 if it breaks above 1.131.

4-hour chart

On the 4-hour chart, EURUSD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that EURUSD will rise further. Investors should focus on whether EURUSD will break through the support at 1.120. It will continue jumping if it retreats but is stable above 1.120.

Key resistance: 1.131,1.138

Key support: 1.120,1.113

Generally speaking, EURUSD is more likely to rise further. Investors should focus on Eurozone economic data during the day.