EUR USD floating over 6 month tops in Forex market
5/5/2017 12:14:46 PM
The EUR/USD pair made another effort to reclaim 1.1005 handle in the Asian session, but unsuccessfully, as the bulls faced tiredness after yesterday’s increase, leaving the rate floating near 6 month tops of 1.0993.
The spot has entered a point of upside merging, as we developed towards the European opening bells, after having met fresh demand near 1.0975 area earlier on the day.
EUR/USD’s near term viewpoint is more positive: EUR has worn a 6 month downward tendency, the 54 week ma at 1.0930, the 61.8^% retracement at 1.0976 and charted an outside day to the topside. It is bid the 180 day moving average at 1.0835. It boards the January 2015 low at 1.1103 and the 1.1148 78.8% retracement.
FOREX market analysis by FxErvin.