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EUR/USD Daily Forecast – 04 May

Tuesday, May 03 2016

Euro was initially pushed higher in the course of the yesterday's session going all the way to 1.16 handle, where pair found significant amount of resistance and pulled back all the way to 1.15 handle by the daily closing. As for Wednesday we can expect some amount of support around 1.1470 level, initially and 1.1440 in extension, while resistance can be expected at 1.1550 and above 1.16 level in extension, so this is where we would consider placing short-term selling bids.

In long-term trends, now when we have seen break above 1.15 handle, despite, yesterday's pullback, we would be buyers only for this pair and we have no interest in selling the pair at the moment, as par has plenty of support all the way to 1.14 handle.

More in this category: « GBP/USD Daily Forecast – 04 May AUD/USD Daily Forecast – 05 May »

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