The strong bullish price action could potentially signal a short term turnaround. On the 4-hour chart, the Stochastics is currently printing a hidden bearish divergence. This suggests some near-term decline in price. As long as 1.1540 low is not breached, we expect the EURUSD to potentially form a bottom near the current levels. Resistance is seen at 1.1730.
EUR/USD Daily Forecast - 31 May
EURUSD (1.1657): The EURUSD currency pair managed to close on a bullish note for the first time in three consecutive days. The rebound in prices came following slightly weaker fundamentals for the USD and an extremely oversold market in the euro. Price action was seen testing the lows of 1.1540 before reversing the gains.
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