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Forex Analysis & Reviews: 08/05/2022

Relevance up to 16:00 UTC+00

Green line – horizontal resistance

Blue rectangles – support levels

EURUSD is under pressure today after making a high at 1.0254. Bulls were unable to test the horizontal resistance at 1.0285. Price formed a lower high. This is not a good sign for bulls. EURUSD is challenging the horizontal support levels at 1.0140-1.01 area. It is important for EURUSD bulls to defend this level. As we said yesterday, staying below 1.0285 keeps EURUSD vulnerable to more downside. A break below 1.01 will confirm the bearish momentum after the rejections at 1.0285.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2022

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