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Technical analysis
The shared currency has been losing ground against the US dollar on the previous week’s trading sessions it fell on Friday to the 1.2641 support level and bounced up to the 1.2811 resistance. The 1.2811 represents the 23.60% retracement of the last downward move that began at the May 1st from the 1.3280 resistance to the 1.2641 support made on May 18th . The EURUSD is trading now below the 50, 20 and 10 Moving Averages and the Moving Average Convergence Divergence (MACD) is below its signal line, therefore the sentiment is still negative on the single currency. However the Stochastic has just escaped the oversold area and heading into the neutral zone, confirmed by the RSI that just overpassed from below the 30% line. The Euro is at a critical phase with Greece heading to second elections and the Group of eight did not come to an agreement on a rescue strategy on the weekend. Further talks will be held by policy makers and European Union leaders are preparing for a summit meeting on May 23.
| Levels | Value |
| RES 3 | 1.3280 |
| RES 2 | 1.2987 |
| RES 1 | 1.2811 |
| SUP 1 | 1.2641 |
| SUP 2 | 1.2519 |
| SUP 3 | 1.2050 |