EURUSD Analysis – May 7, 2023

EURUSD has been on a steady uptrend since Sep 2022, and it continues to stay above the rising trend line on the weekly chart. A sustained move above this trend line support suggests that the upside momentum is likely to continue, and the next target for the currency pair could be around the 1.1400 area.

However, it should be noted that a break below the trend line support could indicate a longer period of consolidation for the uptrend from 0.9535, following a potential drop towards the 1.0515 support level.

Currently, EURUSD is trading around the 1.1015 level, within a relatively tight range. Traders and investors are closely watching for a breakout either to the upside or downside.

On the upside, the immediate resistance level for EURUSD is at 1.1200, followed by the 1.1340 level. A sustained move above these levels could trigger a further rally towards the 1.1400 area.

On the downside, the first key support for EURUSD is at 1.0940, followed by the rising trend line support at 1.0830. A break below these levels could signal a bearish reversal and a potential drop towards the 1.0500 support level.