EURUSD: bulls eyeing return to the U3 line

On Friday the 29th of May, trading on the euro closed 0.22% up at 1.1068. The pair dropped from a high of 1.1145 to 1.1081. Trump didn’t say anything that might jeopardise the trade deal reached between the US and China at the beginning of the year. Powell didn’t say anything new. The markets calmed down.

Day’s news (GMT+3):

  • 17:00 US: ISM manufacturing PMI (May).
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Current situation:

In the Asian session, the dollar lost ground across the board. The biggest decline was seen against the Aussie dollar (-1.34%) and Kiwi dollar (-0.74%). The EURUSD pair revisited Friday’s high.

The bulls have broken through the average line of the Andrews pitchfork. Now the road towards 1.1200 is open. The U3 MA line also runs through 1.1200. The 1.1147 mark is a resistance level from the top formed on the 27th of March. Once the bulls break through that, the road towards 1.1330/40 will be open. There’s not much news coming out today. We’re forecasting a rise in quotes to 1.1174 (202 degrees). If the pair grows quickly, our target is 1.12 on the U3 line. There’s a support at 1.1105.

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