EUR/USD will probably move upwards in May, starting from the level of 1.1018 (closing of the April monthly candle) to 1.1273, which is a 61.8% retracement level (red dashed line). Upon testing this price, the pair will go to the resistance level of 1.1495 (white bold line).
Fig. 1 (monthly chart)
Comprehensive analysis:
Indicator analysis – uptrend
Fibonacci levels – uptrend
Volumes – uptrend
Candlestick analysis – uptrend
Trend analysis – uptrend
Bollinger bands – downtrend
All this points to an upward movement in EUR/USD.
Conclusion: The pair will have a bullish trend, with a first lower shadow on the monthly white candle (the first week of the month is black) and no second upper shadow (the last week is white).
Throughout the month, quotes will rise from 1.1018 (closing of the April monthly candle) to the 61.8% retracement level at 1.1273 (red dashed line), and then bounce up to the resistance level of 1.1502 (white bold line).
Alternatively, euro could climb from 1.1018 (closing of the April monthly candle) to the 61.8% retracement level at 1.1273 (red dashed line), and then head towards the upper fractal at 1.1104 (yellow dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis:
EUR/USD will probably move upwards in May, starting from the level of 1.1018 (closing of the April monthly candle) to 1.1273, which is a 61.8% retracement level (red dashed line). Upon testing this price, the pair will go to the resistance level of 1.1495 (white bold line).
Fig. 1 (monthly chart)
Comprehensive analysis:
Indicator analysis – uptrend
Fibonacci levels – uptrend
Volumes – uptrend
Candlestick analysis – uptrend
Trend analysis – uptrend
Bollinger bands – downtrend
All this points to an upward movement in EUR/USD.
Conclusion: The pair will have a bullish trend, with a first lower shadow on the monthly white candle (the first week of the month is black) and no second upper shadow (the last week is white).
Throughout the month, quotes will rise from 1.1018 (closing of the April monthly candle) to the 61.8% retracement level at 1.1273 (red dashed line), and then bounce up to the resistance level of 1.1502 (white bold line).
Alternatively, euro could climb from 1.1018 (closing of the April monthly candle) to the 61.8% retracement level at 1.1273 (red dashed line), and then head towards the upper fractal at 1.1104 (yellow dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
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