EURUSD Daily Analysis – May 4, 2017

EURUSD failed to break out of 1.0950 resistance and continued its sideways movement in a trading range between 1.0820 and 1.0950. As long as the 1.0820 support holds, the sideways movement could be treated as consolidation of the uptrend from 1.0569, and another rise towards 1.1000 could be expected after the consolidation. On the downside, a breakdown below 1.0820 support will indicate that the upward movement had completed at 1.0950 already, then the following pullback could bring price back to 1.0600 zone.

EURUSD chart