EUR/USD: review and forecast

FX:EURUSD   Euro / U.S. Dollar
79 0 3
Current trend

In the end of last week, the pair significantly grew amid the publication of weak macroeconomic statistics in the US, where the Nonfarm Payrolls came out at only 38 thousands, while economists predicted 164 thousands. The data lowered the probability of an interest rate hike at June’s meeting of the Fed to 4% that lead to a drop in the US against all major currencies.

Today attention needs to be paid to Fed’s Yellen speech that could determine Dollar’s dynamics for the nearest future.

Support and resistance

On the daily chart , the pair bounced off the lower border of the ascending channel and broke out the middle MA of Bollinger Bands , which indicates further growth potential.

Support levels: 1.1300, 1.1130, 1.1050.
Resistance levels: 1.1375, 1.1450, 1.1540.

Trading tips

Long positions can be opened from the level of 1.1380 with targets at 1.1450, 1.1540 and stop-loss at 1.1350.
Short positions can be opened from the level of 1.1300 with the target at 1.1220 and stop-loss at 1.1330.
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