EURUSD analysis for 16.05.2017

Europe is releasing GDP Growth Rate and ZEW Economic Sentiment Index along with the US publishing Industrial Production MoM and Building Permits. The support rests at 1.09750 with resistance at 1.10290 which both lines are above the weekly pivot point at 1.09300. The EMA of 10 is moving with bullish bias along the ascendant channel and it is above the EMA of 100 and the EMA of 200. The RSI is moving in overbought area, the Stochastic is showing upward momentum and the MACD indicator is in positive territory. The ADX is showing buy signals. Long positions are recommended targeting 1.11. https://fxglory.com/eurusd-analysis-for-16-05-2017/