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Technical analysis for the EURUSD on 08.05.2015

The EURUSD has breached strong support at 1.1275

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 180 pips Max. 1.1400

Min. 1.1030

eurusd5

Four-week uptrend in the Euro has given its first signal for reversal down – the price breached tough support at 1.1275 and the ascending trend line at 1.1240.

The US unemployment rate and Non-Farm payrolls are being released at 15.30 today. Amid the news the price is expected to re-test level 1.1275, which is now acting as resistance.

If the re-test turns out false, the price will bounce down and proceed to the downside. Potential decline targets are situated at 1.1085, 1.1030.

Alternative scenario: if price breaks and holds above 1.1275 resistance, it will open the way to the current week’s high at 1.1375.

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!

The EURUSD has breached strong support at 1.1275

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 180 pips Max. 1.1400

Min. 1.1030

eurusd5

Four-week uptrend in the Euro has given its first signal for reversal down – the price breached tough support at 1.1275 and the ascending trend line at 1.1240.

The US unemployment rate and Non-Farm payrolls are being released at 15.30 today. Amid the news the price is expected to re-test level 1.1275, which is now acting as resistance.

If the re-test turns out false, the price will bounce down and proceed to the downside. Potential decline targets are situated at 1.1085, 1.1030.

Alternative scenario: if price breaks and holds above 1.1275 resistance, it will open the way to the current week’s high at 1.1375.

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!



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