EURUSD
Following the euphoria generated by the French elections, we have already come to the end of the 5th wave of Elliot. We believe that area 1.095-1.10 can always maintain some strength, so we expect a corrective phase of the movement (maybe drawing an abc) which sets the price to close the gap. A return to area 1.07 can offer a good opportunity to buy for a target in the 1.14-1.15 zone. However, it is important to keep the focus on the BCE meeting To get some information about the future of monetary policy.
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We try to point out the importance of the band of 1,08500 / 1,08200. First of all, we have a multi-pivot trend line (red line), which contact point, once passed, coincides with an important minimum beginning of March 2016; we find also the two moving averages at 200 periods both exponential and simple; It is also an area that has been heavily worked by the volumes. We are therefore in the presence of a strong strong band of support, but if it was dropped it could objectively bring the price to close the gap and, at the loss of the trendline, also look to reach the rising trendline of the generated channel. If the climb will continue, the level of around 1.10 is an important point that, if broken, could bring the price to a new stage of euphoria, maybe even for the outcome of the French election.
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