EURUSD Technical Analysis – May 31, 2021

EURUSD bottomed out on Friday and rebounded, the technical bias is bullish due to higher highs in the rebound.

The pair is currently trading near 1.21861, and multiple resistance levels can be seen above which may prevent the price from rising further.

  • Resistance level 1: 1.22050
  • Resistance level 2: 1.22200
  • Resistance level 3: 1.22650

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

  • Support level 1: 1.21750
  • Support level 2: 1.21600
  • Support level 3: 1.21300

The United States will release the non-agricultural employment report data this Friday. Higher number will be favorable to the US dollar, 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 EURUSD currency pair near the current level.