Technical analysis of EURUSD dated 05.05.2016

After EURUSD rally towards 1.16150 on Tuesday this pair started its movement with bearish bias but later again on Wednesday it went up a little. Today it is under the influence of Services PMI and Retail sales. This pair is finding support at 1.14740 with resistance at 1.14980 which both lines are above the weekly pivot point at 1.13720. The MACD indicator is in positive territory showing the price growth and the RSI is getting close to the 50 level. It seems that the pair is going to continue its bullish trend climbing up the ascendant channel within the Andrews’ pitchfork. The EMA of 10 is located above the EMA of 50 confirming the price growth over the last recent days. Long positions are expected targeting 1.1650.

https://fxglory.com/technical-analysis-of-eurusd-dated-05-05-2016/