Forex Market Analysis: EUR And USD Bullish Sentiment Persist

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Friday, May 19, 2017 3:00PM / MeriFX

Source: MERI FX 

Fundamental Indication:
USD: The US Dollar remains under pressure as the U.S. Justice Department appointed a special counsel to probe alleged Russian interference in the U.S. presidential election. However, Trump has denied the allegation of asking the FBI to drop a probe into former national security adviser Michael Flynn's. 

EUR: The Euro has been trading higher aggressively for four consecutive days from 12th May, 2017 to 17th May, 2017 increasing by 2.74%. The EUR/USD experienced some profit taking activities yesterday, however, the Euro is expected to go higher due to persistent positive sentiment. 

Technical Analysis:
The pair broke its consolidation in the ascending triangle and has been making higher highs and higher lows. The pair traded higher for four consecutive days since 12th May, 2017 but retraced yesterday at the 1.1143 resistance level. An investment decision should be made when:
·         The pair pulls back to the 1.1010 level displaying bullish candlestick confirmation with rising momentum

·         Stop loss at the low of the bullish candlestick confirmation

·         Price target at 1.1273 

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