EURUSD Analysis – May 10, 2023

EURUSD has been in a trading range between 1.0909 and 1.1095. The current key level to watch is the 1.0909 support. If the pair breaks below this support level, it could indicate that the upside move from the March low of 1.0515 has completed already at 1.1095. In this scenario, the pair may find support at 1.0800, followed by 1.0710.

However, if the support at 1.0909 holds, the price action could be treated as consolidation for the uptrend, with a possibility of further rise towards the 1.1200 area after the consolidation.

In conclusion, traders should monitor the 1.0909 support level closely as a break below this level could indicate a shift in the trend, while a hold above this level could suggest further consolidation for the uptrend. As always, traders should use proper risk management techniques to mitigate potential losses in the volatile forex market.