EURUSD Daily Forecast May 04 2017

EURUSD: Continues To Consolidate With Upside Bias!

EURO -dollar - 69875

EURUSD: Continues To Consolidate With Upside Bias!

Outlook in EURUSD remains on the upside as long as 1.0882/1.0850 support holds on a daily closing basis, resistance comes at the 1.0950, a halt is likely but a clear break will extend gains towards the 1.1050 levels ahead of the 1.1200 levels, further upside resistance comes at the 1.1300 levels…

On the downside, below 1.0850 levels sees a pullback threats towards the 1.0770/1.700 levels, further down will eyes main support around the 1.0635 levels before the next rising…

Conclusion: The EURUSD continues to face upside threats above the 1.0882/1.0850 levels with caution…

In the bigger picture, as long as 1.0820 support holds on a weekly closing basis, the pair remains bullish with eyes on the 1.1200 levels where a strong pullback is very likely, a weekly back below 1.0820 will turn the focus back on the 1.0569 levels…

On monthly timeframe; as long as 1.0480 support holds on a monthly closing basis, the pair remains in a recovery mode and further upside could be seen towards the 1.1300 levels where a strong reversal is very likely, above that level will extend gains towards the 1.1465 levels. On the downside, below 1.0480 sees a fall risk to the psycho levels 1.0000 ?!!!

Note: Today, the focus will be on ECB President Draghi Speaks at 16:30 GMT…

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