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    EUR/USD: @ critical level; May CPI on tap

       
    With May Euro-zone CPI on tap there is a possibility of enhanced volatility.

    As I have said before the dominant very-short-term trend is down and likely to continue, and as such a break below the key May 27 1.0818 lows would probably confirm a more bearish leg lower to a target at the S1 Monthly Pivot at 1.0708.

    The recent pull-back from the 1.0818 lows, however, has been quite persistent and if it breaks above the 1.1005 highs that would probably begin a new mini-up-trend higher, with a target, initially at support and resistance at 1.1064.

    EURUSD02b

       
    With May Euro-zone CPI on tap there is a possibility of enhanced volatility.

    As I have said before the dominant very-short-term trend is down and likely to continue, and as such a break below the key May 27 1.0818 lows would probably confirm a more bearish leg lower to a target at the S1 Monthly Pivot at 1.0708.

    The recent pull-back from the 1.0818 lows, however, has been quite persistent and if it breaks above the 1.1005 highs that would probably begin a new mini-up-trend higher, with a target, initially at support and resistance at 1.1064.

    EURUSD02b


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