EURUSD hints at corrective pullback during the big week
Despite a refreshing two-year low, EURUSD prices remain above a five-month-old downward sloping support line. Adding strength to the recovery hope is Emmanuel Macro’s victory in French Presidential Elections and nearly oversold RSI. That being said, the 10-DMA level surrounding 1.0810 challenges the corrective pullback before directing buyers towards the monthly horizontal resistance near 1.0940. It’s worth noting, however, that the 50-DMA and a descending trend line from early February, respectively around 1.1000 and 1.1030, will be tough nuts to crack for the pair bulls afterward.
Meanwhile, the aforementioned support line from late 2021, near 1.0690 by the press time, restricts the immediate downside of EURUSD prices ahead of Tuesday’s Durable Goods Orders. Also important for the week are the Preliminary readings of Q1 2022 GDP figures for the US and Eurozone, up for publishing on Thursday and Friday in that order. Even if the quote drops below 1.0690, the year 2020 lows around 1.0635 and the 1.0600 threshold may entertain bears ahead of highlighting the late 2015 bottom of 1.0515.
Meanwhile, the aforementioned support line from late 2021, near 1.0690 by the press time, restricts the immediate downside of EURUSD prices ahead of Tuesday’s Durable Goods Orders. Also important for the week are the Preliminary readings of Q1 2022 GDP figures for the US and Eurozone, up for publishing on Thursday and Friday in that order. Even if the quote drops below 1.0690, the year 2020 lows around 1.0635 and the 1.0600 threshold may entertain bears ahead of highlighting the late 2015 bottom of 1.0515.