EUR/USD Looks Determined To Break 1.1500
Admirals | May 02, 2016 08:22AM ET
Last week, the dovish Fed sent USD in a downward spiral. The weakness in USD is obvious vs EUR, JPY and GBP. I have already warned about the strong GBP/USD, and today we are also witnessing the strength in the fiber - EUR/USD.
The most popular currency pair is gaining ground. Strong MACD suggests a possible breakout of 1.1492 ascending channel that will lead to 1.1507 , 1,1520 and potentially 1.1557 if we see an H1 momentum or candle close above 1.1507. If we see a retracement then 1.1448 and 1.1415 are levels to pay attention to. 1.1448 is the mini channel bottom within the equidistant channel, while 1.1415 shows a confluence with L3, DPP and previous bullish order block (blue rectangle).
At this point the EUR/USD is at the top of the channel, so pay attention to either breakout or a retracement towards POC1-2.
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