EURUSD Analysis – May 3, 2023

EURUSD remains range-bound between 1.0909 and 1.1095 as traders await more directional cues. The pair has been consolidating for some time now, with no clear sign of a breakout in either direction. The market has been caught in a tight range as traders weigh the impact of global events on the euro.

A deeper decline to test the key support level of 1.0909 could be expected if the pair continues to remain under pressure. If this level is broken, the downside momentum could pick up, and the next target would be around 1.0800.

On the upside, resistance levels are at 1.1044 and 1.1095. A break above these levels could trigger another rise towards the 1.1200 zone. However, if the pair fails to break above the resistance levels, it could remain range-bound for the time being.

In conclusion, the EURUSD pair is currently stuck in a range, with traders waiting for more clarity on global events before taking a directional stance. A break above or below the range could provide the much-needed momentum for traders to take a more decisive stance.