EURUSD Technical Analysis – May 05, 2021

EURUSD fell on Tuesday, and the technical bias was bearish due to the lower lows in the recent downtrend.

The EURUSD is currently trading near 1.20180, and multiple resistance levels can be seen above, which may prevent the price from rising further.

  • Resistance level 1: 1.20400
  • Resistance level 2: 1.20750
  • Resistance level 3: 1.21300

Below the price, multiple support levels can be found, which may help the price stay above that level. 

  • Support level 1: 1.20000
  • Support level 2: 1.19520
  • Support level 3: 1.18700

The United States will release data from the ADP Employment Report known as small non-farmers today, predicting 850,000 new jobs. Higher data will be more favorable for the US Dollar so it is negative for the European and American currency pairs, and vice versa.

Looking at the current price trends and economic development, it may be a good choice to sell the EURUSD currency pair near the current level.