EUR/USD: Finding Support Ahead Of U.S. Retail Sales Report
FxGrow | May 13, 2016 05:02AM ET
The EUR/USD was playing in a range between 1.1345 and 1.1445 in the past two days as the US dollars strengthen. The EUR/USD failed to cut 1.1460 and breakout on stronger comments from Fed policymakers as they said that the Fed should hike rates if data improves especially inflation. Breaking the support point 1.1320 will create a strong bearish movement to reach next support levels 1.1280, 1.1260 and 1.1235.
However, volatility remains in the market and the EUR/USD kept an opened wave higher to breach new targets and breaking the minor resistance point 1.1390 paves the way for a bullish leg toward 1.1430 and 1.1460 respectively.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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