EUR/USD Weekly Forecast - 7 May - 11 May

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Saturday, May 05 2018

EUR/USD Weekly Forecast - 7 May - 11 May

Another week is behind us, and another support level is broken on the EURUSD. Sellers have made a habit of this since the single currency broke long-term wedge support on April 20.

Last Monday’s session broke the 1.2090 support level. The breakdown exposed the next key level at 1.1930 which is a level referred in the previous forecast.

As expected, we saw some buying pressure at 1.1930 just before the weekend. Whether we get a sustained bid to start the week is anyone’s guess, but outlook appears bearish as long as 1.2090 holds as resistance on a daily closing basis.

In fact, even if buyers were to overcome 1.2090, the April 20 close below wedge support is enough to remain bearish for quite some time.

Below 1.1930 we have 1.1830 followed by 1.1710. However, a relief rally would materialize at some point. Whether it occurs at 1.1930 or 1.1830 is unknown, stay patient and wait to sell on strength.

More in this category: « GBP/USD Weekly Forecast - 7 May - 11 May AUD/USD Weekly Forecast - 14 May - 18 May »

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