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EUR/USD, USD/JPY, GBP/USD – Technical Analysis and Price Outlook

May 10, 2024

Via: DailyFX

EUR/USD pushed higher on Thursday after bouncing off technical support at 1.0725, with prices challenging a key ceiling near 1.0790, where the 50-day and 200-day simple moving averages intersect. If this barrier fails to contain buyers, the next stop is likely to be trendline resistance at 1.0810. On further strength, we could see a move towards a major Fibonacci threshold at 1.0865.

Conversely, should the market undergo a reversal and pullback, initial support emerges at 1.0725, followed by 1.0695. Vigorous defense of this floor is crucial for bulls to stave off a more significant drop; failure to do so could pave the way for a descent towards 1.0645. Subsequent losses may bring into play the April lows at 1.0600.

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