Looking at the EUR/USD chart, we can see a rise from the 1.06 level to the 1.066 range on the May 24 and higher to the 1.074 on May 25, extending the upward trend from last week, after its lows around the 1.035 range.
However, after reaching the 1.074 level, it didn’t manage to consolidate, leading to the retraction back to the 1.066 level, finding support at the 1.064. Since then, it climbed back up towards the 1.074 level reaching as high as 1.077 earlier in today’s session.
Today we could expect a move above the 1.077 breaking out from the closest temporary overhead resistance. If however, it doesn’t manage to hold on to the current level then a move towards the 1.07 closest support level can be expected.
