Level Technical Significance

1.1293 Daily High May 9

1.1265 Daily High May 14

1.1229 Daily High May 15

1.1219 Daily High May 16

1.1199 ==Update Price==

1.1131 Daily Low May 16

1.1115 Daily Cloud Top

1.1089 Daily Low May 13

1.1065 Daily Low May 12

Strategy Open Position

Current Position Short @1.1195

Target: 1.0915 Stop: 1.1305

Open/Close 14-May-25

EUR/USD left a large upside shadow on last Wednesday's candle and that points to a rejection of the upside. While last Wednesday's 1.1265 (EBS) high remains intact, the scope persists for a drop to the 1.1019 level, a 38.2% retrace of 1.0125 to 1.1572 2025 (EBS) rise, a break and daily close below which would lead to a much deeper fall. 14-day momentum remains quite negative.

Daily Chart:

(Martin Miller is a Reuters market analyst. The views expressed are his own)