EURUSD Daily Forecast May 05 2017

EURUSD: Bullish, Risk Builds On The 1.1050 Levels!

EURO -dollar - 69875

EURUSD: Bullish, Risk Builds On The 1.1050 Levels!

The EURUSD continued its bullish momentum yesterday, bottomed at the 1.0874 levels. This development leaves the pair targeting the 1.1050 levels, a halt is likely but a break will develop more upside towards the 1.1141 levels, further upside, resistance stands around 1.1200 levels…

On the downside, support comes at the 1.0950 levels ahead of 1.0875/1.0850 levels. A break below last support will terminate recent rise and bring further fall towards the 1.0770/1.0700 levels.

Conclusion: The EURUSD continues to face upside threats above the 1.0850 levels with risk towards the 1.1050 levels…

Note: 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 close 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 ?!!!