EUR/USD UPDATE – 05/05/2017 (11:49am) – by Arjun Lakhanpal

EUR/USD UPDATE – 05/05/2017 (11:49am) – EURUSD -Price finally broke above the short term resistance 1.0950 and thru 1.0958 daily chart resistance and has gone on to mark a high at 1.0990. From this high price has sold lower to be back testing 1.0950/53 area. As previously noted a break would open up next resistance 1.1017/24 the upper channel line and downtrend. The downtrend today is 1.1014 and the upper channel line  as a dynamic line has moved away to 1.1040,  the feeling is that these resistance areas are to be tested. Support is 1.0943/53 which covers the spike high on the first break and the 38.2% fib of yesterday’s low to 1.0990 high.