FX.co ★ Technical analysis of EUR/USD for May 1, 2015

Overview:

• The EUR/USD pair has entered above the weekly support one at the level of 1.1190. So, the strong support will be set at the spot of 1.1205 today. Also, you have to consider the price of 1.1333 which represents a strong resistance, but a minor resistance is set at the level of 1.1279. Consequently, we expect a range about 74 pips (1.1279 - 1.1205) in coming hours. Therefore, the market will probably indicate a bullish opportunity at the level of 1.1205 and the double top will act as a minor resistance around the area of 1.1279. Consequently, depending on the previous events, the price is going to move between the levels of 1.1205 and 1.1279. So, the area above 1.1205 is looking for further upside with the first target at 1.1279. Moreover, if the trend can break the minor resistance at 1.1279, the pair will continue towards 1.1333 in order to test the strong resistance on the H4 chart. However, stop loss should be placed below the price of 1.1190. Actually, it will be very useful to set the stop loss at the level of 1.1173.

Observations:

• The trend was very clear (uptrend).
• The resistance will be set at the price of 1.1333 and the support stood at 1.1190.
• We expect a range of 82 pips.
• The level of 1.1248 is representing the daily pivot point.