Weekly Forex Market Update & Key Levels May 4 to 8th

WEEKLY FOREX UPDATE

EURUSD – In general, we have been seeing a fairly weak US dollar for the past two weeks which has been helping the Euro increase in price. For now, the US Dollar still appears to be the safe haven currency among investors and traders. We still remain with a bearish outlook for the Euro, however, it does appear the Euro has created a double bottom pattern. Let us see if the overhead resistance level will hold.

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USDCAD – As we have stated in last week’s market update, the support level at 1.1979 could be tested and create a bounce off that level. It is now 200+ pips above that level. Moving forward, we could expect sideways movement and choppy price action. Look for trade setups off the support & resistance levels.

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Chris Ferreira

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