EURUSD Technical Analysis – May 20, 2021

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

The pair is currently trading near 1.21738, multiple resistance levels can be seen above, which may help the price from rising further.

  • Resistance level 1: 1.21900
  • Resistance level 2: 1.22100
  • Resistance level 3: 1.22400

Below the price, multiple support levels can be found, these price level may prevent the price from falling further.

  • Support level 1: 1.21600
  • Support level 2: 1.21450
  • Support level 3: 1.21250

The US Markit manufacturing PMI data will be released on Friday. Higher data will be favorable for the US dollar, so it is negative for the EURUSD currency pair, and vice versa.

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