EUR/USD Hot Forecast 11 May

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The euro is falling to the 1.2100 level against the US dollar after the pair failed to breach the 1.2200 resistance zone. EURUSD bulls may use this current pullback as a buying opportunity in expectation of a powerful bullish reversal. The 1.2080 area is likely to be critical support for the EURUSD if the 1.2100 support level breaks and a potential swing buy zone.

The EUR/USD pair is only bullish while trading above the 1.2080 level. Key resistance is found at the 1.2170 and 1.2200 levels. The EUR/USD pair is only bearish while trading below the 1.2080 level. Key support is found at the 1.2060 and 1.2030 levels.

A direct breach of the February high can see strength extend to test and the 2021 high and potential downtrend from 2018 – which we would expect to prove a tough barrier once again. Some resistance awaits at the April peak, and then by 1.21, the high point recorded in May. Further above, 1.2250 is eyed.Some support is at the daily low of, followed by 1.2080.

Support moves to 1.2125 initially, then which we look to try and hold. Below can see a deeper setback to 1.2060 with better buying expected here.

The material has been provided by InstaForex Company - www.instaforex.com

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