Forex Analysis & Reviews: Forecast for EUR/USD on May 31, 2021

EUR/USD
The euro fell by 60 points last Friday, and with the release of positive US data, it returned to the opening of the day. Investors probably closed against the data ahead of the long weekend in the US and UK until June 1. Consumer personal spending for April increased by the expected 0.5%, the US trade balance for April improved from -92.0 billion dollars to -85.2 billion.

Technically, nothing has changed for the euro, even the indicators at the end of the day did not move from their values. As a result, we are still waiting for the price to support the MACD line on the daily chart near the 1.2052 mark. The level coincides with the low on May 13.

On the four-hour chart, the price did not go over the MACD line and the Marlin oscillator did not cross the zero line, that is, did not leave the negative territory. The EUR/USD pair is likely to resume its decline.

Analysis are provided by InstaForex