15.05.201708:50 Forex Analysis & Reviews: Fundamental Analysis of EUR/USD for May 15, 2017

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EUR/USD aroused the interest of bulls on Friday after bouncing off from 1.0850 support level. EUR is currently stronger than USD in light of negative US CPI and Retail Sales reports published on Friday. Today, no economic reports are due in the eurozone, but on the USD side Empire State Manufacturing Index is expected to increase to 7.2 which previously was at 5.2. Besides, NAHB Housing Market Index is expected to be unchanged at 68. The economic reports from the US are not quite a high impact events but could bring some volatility in the market during the release. A daily close today will determine the upcoming move in the market where EUR is expected to gain ground against USD in the coming days.

Now let us look at the technical chart. The price is currently residing in the corrective area between 1.0850 and 1.0950. As of the bullish engulfing candle on Friday, the price is expected to move more up towards 1.1160 resistance level. For better confirmation, we will be looking forward for a daily close above 1.0950 for buying in this pair with a target towards 1.1160 level. On the other hand, if the price rejects off the 1.0950 with a daily candle, then we will consider sell positions with a first target towards 1.0850 and later at 1.0720 level. The bias in this pair is bullish until the price takes out 1.0850 with a daily close below it.

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