29.05.201710:25 Forex Analysis & Reviews: Fundamental analysis of EUR/USD for May 29, 2017

EUR/USD has been in a non-volatile bullish trend recently which is expected to continue till the price reaches the 1.1450 resistance area. Today the United States celebrates the Memorial Day, so there are no economic events in the US calendar. Meanwhile, the eurozone posted the M3 Money Supply report which showed a decrease to 4.9% versus the expected level of 5.2%. At the same time, the Private Loans showed an unchanged value at 2.4% which was expected to increase to 2.5%. Moreover, today ECB President Draghi will deliver a speech. He will likely discuss the short-term interest rates and monetary policies, and his comments are expected to be hawkish and bring a good amount of volatility in the market today. Overall, the euro is expected to gain momentum this week.

Now let us look at the technical picture. The price is currently above the support of 1.1130-50 area, and the price will likely move up towards 1.1450 in the coming days owing to the non-volatile structure of the trend. As long as the price remains above 1.1130-50 support area, we will be in a bullish bias. If the price breaks below 1.1130 level with a daily close, then we will be looking for selling opportunities.