EURUSD Analysis – May 4, 2023

The EURUSD pair has been in an uptrend since March 2020, after reaching a low of 1.0515. The pair has been making higher highs and higher lows, indicating that buyers are in control of the market. However, the pair has been consolidating in a trading range between 1.0909 and 1.1095 in the last few weeks, showing that neither buyers nor sellers have been able to gain the upper hand.

At the moment, the EURUSD pair is facing resistance at the 1.1095 level. If the pair manages to break above this level, it could indicate that the upside movement from 1.0515 has resumed, and the next target could be around 1.1200. On the other hand, if the pair fails to break above 1.1095 and turns lower, it could find near-term support at 1.1035. If this support level is broken, the pair could trigger another fall towards 1.0909.