EURUSD 2015-05-04

0 6

EUR/ USD

Correction phase

1.1139

On the short -term the market the market still ranging between 1.1000 and 1.1500 levels as awaiting a more data to decide the new mid-term direction.

Now the market has reached the upper band of our expected trading zone ; however , after penetration for the levels of 1.1250 would be more bullish action to be generated and drive the market to the 1.15 levels ( which is now the more probable scenario according the market price action ) noting that price holding above 1.1050 is a key condition to achieve the expected targets – in case the market ; failed to continue its short-term uptrend and successfully traded below 1.12 , then a correction phase and a re-test for the major support which were broken out on the last session days ( 1.1030 , 1.0888).

On the longer-term view : the market on the down trend driven by a lot of factors ; moreover , a levels below 1.04s is expected and parity exchange rate would be in the next half of 2015.

Daily Trend: Up
Weekly Trend: Down

  Support Resistence
Level 1 1.1020 1.1250
Level 2 1.0888 1.1367
Level 3 1.0720 1.1517

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