EURUSD Technical Analysis – June 1, 2021

EURUSD rose on Monday, and the technical bias is bullish due to higher highs in the recent uptrend.

The pair is currently trading near 1.22275, multiple resistance level can be seen above which may prevent the price from rising further.

  • Resistance level 1: 1.22420
  • Resistance level 2: 1.22650
  • Resistance level 3: 1.22850

Below the price, multiple support levels can be seen which may prevent the price from falling.

  • Support level 1: 1.22150
  • Support level 2: 1.22050
  • Support level 3: 1.21850

Germany will announce its unemployment rate data for May this Friday. Higher unemployment rate will indicate unfavorable for the pair, so it is negative for the EURUSD currency pair, and vice versa.

Looking at the current price trend and economic development, it may be a good trading option to buy the pair near the current level.