EUR/USD Daily Forecast – 06 May

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Thursday, May 05 2016

Euro spent yesterday's session in a decline, going even below 1.14 handle but with a support around 1.1380 level. There were no major data releases so the decline was mostly due uncertainties concerning Eurozone inflation. This is a bearish signal, but we expect some amount of support around this general area. As for tomorrow main market mover will be NFP figures. Pair is likely to find some amount of support around 1.13 handle and resistance above 1.15 area.

On a long-term basis, we would currently remain on the sidelines. If we see break above 1.15 handle we would be buyers for the pair, while we have no interest in selling as long as we are above 1.1250 handle.

More in this category: « GBP/USD Daily Forecast – 06 May AUD/USD Daily Forecast – 09 May »

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