5:40 PM · 7 May 2021

EURUSD breaks above 1.2150

EURUSD pair managed to break above the major resistance at 1.2150, which is the highest level since late February. Pair extended yesterday gains after publication of today's weak NFP report which caused a sell-off of the US dollar. From a technical point of view, the pair broke above the long term downward trendline. If the current sentiment prevails, upward move may be extended to the resistance at 1.2240. On the other hand, if sellers manage to regain control, then nearest major support lies at 1.1990 and is strengthened by 200 SMA (red line).

EURUSD, D1 interval. Source: xStation5

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