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PIG TODAY-Weekly Forex Forecast (May 1 – 5, 2017)

EURUSD buyers managed to hold their ground last week after kicking things off with a 180 pip gap up. The weekend gap was the result of a Macron victory in the first round of the France elections.

I normally don’t like to use so many levels of support and resistance, but as you can see from the chart below each one serves a purpose.

The proximity of the levels below is partially due to the indecisiveness over the past few months.  In fact, that statement could apply to the last two years of price action.

The most notable development from the EURUSD last week was the close above trend line resistance that extends from the 2016 high. This level had capped several advances including the November 9th spike from last year.

Does this mean the Euro is ready to begin an extended move higher?

Perhaps, but I’m not willing to bet on it nor am I prepared to say it’s the likely outcome at this point.

Sure, the single currency has made some headway recently, but the two-year range is still intact. And with the May 7th run-off election in France fast approaching, the longer-term trajectory is anyone’s guess.

But I do know one thing for certain. I won’t be trading the EURUSD this week. The event risk in Europe is too high for me to put capital at risk. Instead, I’ll wait for May 7th to pass and reassess things once we have something more material to work with.

Keep in mind that we also have a Fed rate decision on May 3rd at 2 pm EST followed by non-farm payroll on May 5th at 8:30 am EST. These two events will likely shake things up for the EURUSD as well as the next three currency pairs below.

Source: dailypriceaction.com

EURUSD buyers managed to hold their ground last week after kicking things off with a 180 pip gap up. The weekend gap was the result of a Macron victory in the first round of the France elections.

I normally don’t like to use so many levels of support and resistance, but as you can see from the chart below each one serves a purpose.

The proximity of the levels below is partially due to the indecisiveness over the past few months.  In fact, that statement could apply to the last two years of price action.

The most notable development from the EURUSD last week was the close above trend line resistance that extends from the 2016 high. This level had capped several advances including the November 9th spike from last year.

Does this mean the Euro is ready to begin an extended move higher?

Perhaps, but I’m not willing to bet on it nor am I prepared to say it’s the likely outcome at this point.

Sure, the single currency has made some headway recently, but the two-year range is still intact. And with the May 7th run-off election in France fast approaching, the longer-term trajectory is anyone’s guess.

But I do know one thing for certain. I won’t be trading the EURUSD this week. The event risk in Europe is too high for me to put capital at risk. Instead, I’ll wait for May 7th to pass and reassess things once we have something more material to work with.

Keep in mind that we also have a Fed rate decision on May 3rd at 2 pm EST followed by non-farm payroll on May 5th at 8:30 am EST. These two events will likely shake things up for the EURUSD as well as the next three currency pairs below.

Source: dailypriceaction.com

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