EUR/USD Daily Forecast – 05 May

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Wednesday, May 04 2016

Euro went back and forth in the course of the yesterday's session, with a support around 1.1470 and resistance above 1.1530 area. It seems that pair is trying to gain momentum in order to break higher. As for Wednesday, with Ascension Day being celebrated, we can expect some amount of support around 1.1470 level, initially and 1.1440 in extension, while resistance can be expected at 1.1530 and above 1.1560 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, recent 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 – 05 May AUD/USD Daily Forecast – 06 May »

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