Analysis and Forecast EUR / USD - Weekly review (02.05-06.05)

Updated

Currency pair after the recent rally came to a very strong resistance zone, which was a strong barrier in the first two weeks of April. Eurodollar noted Friday's high of 1.1461, which coincides with the peak of 18 September. The demand side is facing a difficult task to force the resistance extending between 1,1465-95, whose defeat opens the way toward 1.1621 and 1.1714 (highs from the end of August). At the moment, support for variant growth is a minimum of 22 April, at the level of 1.1216. (It is worth reminding that the support referred coincides with the 38.2% fibo abolition increases from 0.8231 to 1.6038). Certainly it can be said that the strong resistance zone 1,1465-95 will be defended by the supply side. In my opinion, an attempt to break through these levels with the march should not go, which should enable the supply side. If my suspicions are correct it in the next session, we should see some form of correction of recent increases, and another attack on the mentioned resistance zone. Any adjustment can refer Eurodollar rate in the vicinity of the support levels 1.1400 and 1.1367 (38.2% fibo recent increases and the lower limit of the upward channel on the chart with the interval 1D).

Overcoming resistance level at 1.1495 will be crucial for the euro-dollar in the medium term.

Trade active

Position short 1,1517 TP 1,1415

Trade closed manually

1,1425

RobertPapon

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