EUR/USD Daily Forecast – 10 May

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Monday, May 09 2016

Euro was traded in a tighter range in the course of the yesterday's session, as there were no major data releases, with support around 1.1380 level and resistance above 1.1420 area, however, it finished the session below 1.14 handle. We can expect similar trading tomorrow as well as there will be no data releases. Pair is likely to find some amount of support around 1.1350 handle and resistance above 1.1430 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 and especially since pair has significant amount of support around 1.14 handle.

More in this category: « GBP/USD Daily Forecast – 10 May AUD/USD Daily Forecast – 11 May »

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