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EUR/USD and GBP/USD Forecast May 17, 2018

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The EUR/USD pair has fallen significantly during the day on Wednesday, reaching down towards the 1.1770 level before bouncing and forming a hammer. The hammer of course is a bullish sign, but I don’t think it’s necessarily a sign that you should be buying. I think this is simply a bounce waiting to happen, and that any rally from this point should be thought of as an opportunity to pick up the US dollar “on the cheap”. I think the 1.20 level above will offer resistance, so a couple of days’ worth of a rally would not be a huge surprise. The alternate scenario of course is to break down below the hammer for the session on Wednesday, that could send this market down to the 1.15 level rather quickly. That’s still my target over the summer though. for more analysis: http://www.dailyforex.com
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Text Comments (2)
Sarah Schreiber (3 months ago)
What about the Pound?
Most Ess (4 months ago)
so not enthused Chris Luis :(

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