Last week, EURUSD continued to weaken, having already recorded a fourth consecutive week of declines. Despite the hawkish stance of ECB officials, they have not been able to provide more support to the euro, which may be in line with the market's expectation of further interest rate hikes in the future, and perhaps only substantial changes can really boost the euro.
At the same time, the dollar extended its rally since mid-April. US President Joe Biden said last Sunday (May 28) local time that Democrats and Republicans reached a preliminary agreement on the debt ceiling, and Congress is expected to vote on the agreement as early as May 31.
EURUSD Technical Outlook: Falls to key support levels
On the weekly chart, EURUSD has now fallen near the key support level (1.0700), which is an important technical resistance level that the pair broke through before the start of the rally in March.
On the daily chart, signs of hesitation in EURUSD near the 1.0700 support may signal that the downward momentum is nearing its end.
On the downside, if the trend breaks below 1.0700, the market may move further lower to test 1.0600 and then 1.0500; on the upside, if the trend bounces, the resistance to watch may be located at 1.0800, which is where the previous support level converted to resistance and near the 100-day moving average.
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1.06885 went long and has now reaped a decent profit