The EUR/USD is currently testing the technical region of 1.2222.
After breaching the 1.22 region for some time, continued bearish pressure sent it on a collision path with the lower bollinger band. If the current support fails, we may see a push towards 1.2205.
These are the possible resistances and supports.
Upper bollinger band
Middle bollinger band
Lower bollinger band
It is important to remember that sentiment influences short-term price action. Be sure to follow an economic calendar so that you will not be caught unaware.
This is up next.
USA ISM Manufacturing PMI
A Purchasing Managers’ Index is a survey of purchasing managers and is important as the sentiment of purchasing managers is a leading indicator of economic health. A healthy sentiment suggests that an economy is moving along well, while a cautious sentiment may see fewer business activities because of prudence.
It is expected to report 60.8. The previous release was worse than expected, reporting 60.7 instead of 65.
Do read the 31 May 21, EUR/USD Weekly Forecast.
Members should log in immediately to view the latest Retail Sentiment Analysis.