EUR/USD Daily Forecast - 2 May

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Wednesday, May 02 2018

EUR/USD Daily Forecast - 2 May

The EUR/USD pair broke down during Tuesday trading, as we have sliced through the bottom of a hammer that we formed several days ago. By doing so, we have tested the 1.20 level, which is where we currently find the market. If we break down below the bottom of the range for the session on Tuesday, the market then goes much lower. Rallies at this point should find plenty of resistance until the 1.2150 level.

According to dailyforex.com, any rally at this point should be an opportunity to sell at the first signs of exhaustion, but if we were to break above the 1.2150 level, the market could then go to the 1.23 level. This pair is reacting to the strengthening interest rates in the United States, and that of course is exacerbated by the ECB stepping away from perceived bullish attitudes.

More in this category: « AUD/USD Daily Forecast - 1 May GBP/USD Daily Forecast - 3 May »

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