As seen in the daily chart the EUR/USD is met with some selling above 1.09. There's also a gap of about 200 pips from the Monday open after the French 1st round elections. Barring any major developments in May either on the French elections front or the US--either FED or Trump-related--then the pair will most likely fill the gap at some point, reaching but probably not going below 1.07, which is the 50% fibonacci level.



From then on, judging by this month's price action, strength of European CPI data and some weakness in US data, the pair looks poised to try for new highs. Based on the monthly chart we're going with the 1.272 fibonacci level as the possible new price at 1.1025.

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