Daily analysis of EUR/USD for April 29, 2016

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Overview

The EUR/USD pair has opened with bullish bias today approaching from the key resistance that formed a strong obstacle to the price’s recent positive attempts at 1.1420. The price needs to breach this resistance to confirm the continuation of the bullish trend on the short-term basis and open the way to target 1.1494 followed by 1.1700 levels. The EMA50 provides positive support to the price, so it is likely to breach the mentioned resistance and achieve more gains in the upcoming period. Holding above 1.1264 represents the key condition for the continuation of the suggested bullish wave.

The expected trading range for today is between the 1.1300 support and the 1.1520 resistance.

The material has been provided by InstaForex Company – www.instaforex.com

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