EUR/USD Forecast May 3, 2017, Technical Analysis

The EUR/USD pair had a relatively flat session on Tuesday, as we continue to hover around the 1.09 level. However, when you look at this chart you can see that the moving averages I have placed on top of price action suggests that we are seeing a gradual grind higher. Because of this, I believe that short-term pullbacks will offer buying opportunities and the latest hourly candle shows that the area below the 1.09 level continues to attract interest. A break above that level should send this market looking for the 1.0920 level above, and then eventually the 1.0950 level which has been resistance in the past.
The blue moving average is the 72-hour moving average, which has been very bullish. We have recently started to pick up momentum again, after a massive gap several sessions ago. This makes a lot of sense, as it shows that there are buyers looking to push the euro higher. I think that the market then goes looking towards the 1.10 level above, which is course is much more significant resistance from a longer-term perspective. A break above there should send this market even higher, but I think that is getting a little ahead of ourselves currently. In the meantime, I think that the markets will be supported at the 1.050 level underneath, and if we were to break down below there, then we may go looking to fill the large gap. I don’t suspect that’s going to happen in the short term though. With this I remain bullish and continue to buy the EUR on short-term charts, trying to make a significant amount of profit off the shorter-term charge. Longer-term moves are probably not quite ready to happen yet. In the meantime, a bullish bias is what I am keeping.
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