empty
24.05.2021 01:07 PM
EUR/USD Price Analysis for 24 May, 2021
  • EUR/USD whipsaws amid a lack of fresh catalysts, holiday-thinned conditions.
  • The spot faces rejection near key resistance on the hourly chart.
  • The DXY recovery appears to cap the upside in the major.

This image is no longer relevant

EUR/USD is paring back gains in the European session, having failed to find acceptance above 1.2200 in the last hour.

The major comes under fresh selling pressure, as the US dollar stages a bounce across the board amid a caution tone seen in the European stocks. DXY recaptures 90.00, reversing a dip to 89.89.

The main currency pair quickly fell to daily lows of 1.2172 before recovering to 1.2192, where it now wavers. Holiday-thinned market conditions could likely be the reasons behind the whipsaw.

The spot will continue to remain at the mercy of the US dollar price action and broader market sentiment ahead of the FOMC member's speech. From a near-term technical perspective, the price turned south after facing rejection at 1.2200. The Relative Strength Index (RSI) takes a U-turn, now heading towards the midline, currently at 52.10, suggesting weakening upside bias.

Jan Novotny,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

GBP/USD Forecast for March 31, 2025

On the daily chart, the price is moving within an ascending channel. If optimism continues, the target level of 1.3184 could be broken. The Marlin oscillator is neutral

Laurie Bailey 05:13 2025-03-31 UTC+2

USD/JPY Forecast for March 31, 2025

Following Friday's 1.97% drop in the S&P 500 index, the USD/JPY pair fell by 120 pips. This morning, the Japanese Nikkei 225 index is down 3.85%, and USD/JPY is losing

Laurie Bailey 05:13 2025-03-31 UTC+2

Oil Forecast for March 31, 2025

Crude Oil (CL) held above the descending green price channel line for only two days. After dropping 84 cents by Friday, the quote fell below this channel line

Laurie Bailey 05:13 2025-03-31 UTC+2

Forex forecast 28/03/2025: EUR/USD, GBP/USD, USD/JPY, Oil and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 23:24 2025-03-28 UTC+2

Trading Signals for GOLD (XAU/USD) for March 28-31, 2025: sell below $3,078 (technical correction - 21 SMA)

Important support is located around the 21 SMA at 3,035. This level coincides with the bottom of the uptrend channel, which could suggest a technical rebound in the coming days

Dimitrios Zappas 14:12 2025-03-28 UTC+2

Trading Signals for EUR/USD for March 28-31, 2025: sell below 1.0775 (21 SMA - 6/8 Murray)

Early in the American session, the euro is trading around 1.0771, below the 21SMA, and within the downtrend channel forming since March 14. The bias is bearish. Yesterday, EUR/USD attempted

Dimitrios Zappas 14:09 2025-03-28 UTC+2

EUR/USD. March 28th. Bears Retreat, but Haven't Surrendered

On Thursday, the EUR/USD pair rebounded from the 161.8% Fibonacci retracement level at 1.0734 and rose to the resistance zone of 1.0781–1.0797. A rebound from this zone would favor

Samir Klishi 10:48 2025-03-28 UTC+2

GBP/USD. March 28th. Disappointing Results from the British Economy

On the hourly chart, the GBP/USD pair on Thursday rebounded from the 1.2865 level, reversed in favor of the pound, and rose above the 1.2931 level, which carries no weight

Samir Klishi 10:36 2025-03-28 UTC+2

EUR/USD and GBP/USD March 28 – Technical Analysis

As the week comes to an end, the market remains indecisive, with no clear preferences evident. Yesterday, the bulls made some progress, adjusting the prevailing bearish sentiment. To confirm

Evangelos Poulakis 09:09 2025-03-28 UTC+2

EUR/USD Forecast for March 28, 2025

The key economic report yesterday—U.S. Q4 GDP—came in at 2.4% versus 2.3% expected. However, three major agencies—Moody's, Fitch Ratings, and S&P Global—warned of a potential downturn due to restrictive tariffs

Laurie Bailey 04:01 2025-03-28 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.