empty
You are about to be redirected to
www.instaforex.com
The services on this website better suit your location
 
 
Open Account

03.05.202114:35 Forex Analysis & Reviews: EUR/USD Hot Forecast for 3rd May, 2021

Company does not offer investment advice and the analysis performed does not guarantee results.
The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Exchange Rates 03.05.2021 analysis

EUR/USD is trading around 1.2050, rising from the lows as the US dollar is dragged down by falling Treasury yields. The euro benefits from the EU's intention to loosen travel restrictions amid vaccination progress. The US ISM Manufacturing PMI is eyed.

Momentum on the four-hour chart has turned to the downside and the currency pair dipped below the Month old ascending trendline. The Relative Strength Index (RSI) also sheds ground, but it is holding above 30 – thus outside oversold conditions.

On the flip side, the development of MACD indicator (bearish divergence) hints at swelling downside momentum.

Critical support is at 1.1990, just below the psychological barrier of 1.20. That was a clear separator of ranges last month. It is followed by 1.1950, 1.1930, and then 1.1860.

Some resistance is at 1.2070, a significant support resistance line from last week, and then 1.2110, both swing highs on the way up. The April peak of 1.2150 is the next level to watch.

Jan Novotny
Analytical expert of InstaForex
© 2007-2021

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.