EURUSD 10-05-2018 Intra-Day Analysis

EURUSD (1.1863): The EURUSD currency pair closed with a spinning bottom pattern yesterday just after closing below the main support level of 1.1960 – 1.1920. The spinning bottom pattern signals a potential turning point in prices in case we see a bullish close on the day. However, with price below the support level, a convincing close above this level is required in order for price action to post a corrective move. To the upside, the EURUSD could be seen rising to the next main resistance level of 1.2200 level. To the downside, further declines could push the common currency down to 1.1730 where the next support resides.

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