EUR/USD Forecast – May 7, 2021

Trading | 4 months ago


EUR/USD Forecast – May 7, 2021 - tradeglobalmarket

The EUR/USD pair has been rising from last one month and it's continuing the rise in this month as well. Last month EUR/USD pair rose by 2.44% and created a high of 1.21500. So far in this month, EUR/USD pair rose by 0.42% and is currently trading at a support level of 1.20600. The falling of government bond yields has provided a major support to the rise of EUR/USD pair.

EURUSD - Monthly Forecast

EURUSD - Daily Forecast

Market reacted positively after the encouraging news came from major European countries including Germany and France. European Union retail sales surged by 2.7% in the month of March. Germany factory orders increased by 27.8% in the same month. As a result, EUR rose by 0.50% to settle at 1.2064 against the US dollar on Thursday.

The continuous acceleration of vaccination effort by European countries is also favoring the EUR. Around 30% of the Europeans have already received their first shot, which has resulted into the reopening of many industries and services sectors which was under the economic lockdown for several weeks. Meanwhile in the United States, problem of imbalance between supply and demand of industrial goods has resulted in to less production. It caused the U.S. dollar to fall in this week.

The long-term technical outlook for EUR/USD pair is bullish. The Relative Strength Index (RSI) is hovering around 55 which indicates good buying interest. The EUR/USD pair could advance further after it can break the next resistance level of 1.20800. Therefore, one must look for buying opportunities in EUR/USD pair with a long-term perspective.


 

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