EURUSD Daily Forecast May 09 2018

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EURUSD: Bearish Eyes Further Downside!

Recommendations: Short positions below 1.1886 levels with 1.1830 & 1.1800 as next targets.

Alternative scenario: The upside breakout of 1.1886 will call for a rebound to the 1.1938 levels.

Description: As long as 1.1886 resistance holds on a 4-hour closing basis, the EURUSD remains on the downside to the 1.1830 levels, ahead of the 1.1800 levels, further down, support comes at the 1.1737 levels. On the upside, a 4-hour closing above 1.1886 levels will bring limited recovery to the 1.1938 levels where another fall is very likely. Above 1.1938 will extend recovery to the 1.2012/1.12045 levels.

Key data events which may affect EURUSD pair today:

The U.S will report on producer price inflation at 12:30 GMT.

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