Forecast EUR / USD 02.05.2016
According to the Eurostat report, the figure needed. prices in the euro area reflected the 0.2% decline in the current month, which was more than the expected decline of 01%. In March, zero growth was recorded. According to another release from Eurostat, euro zone GDP grew in the first quarter by 0.6%, which exceeds the forecast by 0.4%. The 4 th quarter growth rate was 0.3%.
Once the tool is dropped to the lowest level below the area of 1.1350, quotes turned and bounced to new weekly highs at 1.1450 resistance zone.
In the area of 1.1350 is the first support below 1.1260. In the area of 1.1450 is the first resistance, above - 1.1550.
A buy signal is strong and confirmed. Price is above the Ichimoku cloud and Chinkou-Span is below the price level. Tenkan-sen and Kijun-sen demonstrate horizontal movement. The urgency of the upward movement will continue as long as the price is above the Ichimoku cloud.
The MACD histogram is in the positive zone. The price is rising.
Trading recommendations EURO / USD
There are prospects for the continuation of the upward momentum. Break of 1.1450 resistance will allow the designated target of growth to 1.1550.
Source Fort Financial Services