EURUSD Upside Advance Maintains Positive Tone Towards the Level at 1.0990

EURUSD Price Analysis – May 1

The Euro holds upbeat tone and consolidates to 1.0984 level in early Friday’s session towards the key level at 1.0990 under the fresh two-week top. For the third straight session this week so far, EURUSD is making headway, gaining momentum due to an increased dollar loss as a result of month-end trades.

Key Levels
Resistance Levels: 1.1495, 1.1146, 1.0990
Support Levels: 1.0812, 1.0721, 1.0635

EURUSD Long term Trend: Ranging

The pair is presently rising 0.22 percent at level 1.0984 and a breakout beyond level 1.0979 (high) may hit level 1.0990 (high) inbound to level 1.1055. On the contrary, the initial contention is positioned at level 1.0812 closely followed by level 1.0721 (low) and eventually level 1.0635 (low Mar.23).

In the larger context, the whole downtrend from 1.2555 (high) level will still be ongoing as long as 1.1495 resistance level stays. Nevertheless, a continuous breach of the 1.1495 level may suggest that such a downward trend is over. Growth from level 1.0635 may then be included as a 3rd step of the trend from level 1.0339. In this situation, the trend may be altered bullish to retest 1.2555 level.

EURUSD Short term Trend: Ranging

The decisive upsurge in EURUSD indicates that the corrective trend from level 1.0635 has continued on the third stage. Intraday bias is skewed on the upside and 1.0990 level breach may hit resistance level 1.1146.

Although recovery at 1.1236 levels may be restricted by a retracement of 61.8 percent from 1.1495 to 1.0635 levels. On the drawback, a breach of 1.0721 level may aim at a low-level test of 1.0635. The common currency has so far defied the negative bias, as EURUSD is holding to almost two-week highs of 1.0979 level in the last hour.

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