EURUSD Daily Forecast May 08 2018

EURO -dollar - 69875

EURUSD: Under Pressure Below 1.1938 Levels!

Recommendations: Short positions below 1.1938 levels with 1.1894 & 1.1858 as next targets.

Alternative scenario: The upside breakout of 1.1938 will call for a rebound to the 1.2012/1.2045 levels.

Description: As long as 1.1938 resistance holds on a 4-hour closing basis, the EURUSD remains on the downside to the 1.1894 levels, a cut will open 1.1858 levels, further down, support comes at the 1.1830 levels ahead of the 1.1800 levels. On the upside, a 4-hour closing above 1.1938 levels will bring limited recovery to the 1.2012/1.12045 levels where another fall is very likely.

Key data events which may affect EURUSD pair today:

Fed Chair Jerome Powell speaks at an event in Zurich, Switzerland at 07:15 GMT.