EUR/USD Update – 05/06/2017 (10:49am) – by Arjun Lakhanpal

June 5, 2017 by

EUR/USD Update – 05/06/2017 (10:49am) – EUR showing on-going strength near important levels..: With Friday’s lift taking on an impulsive bias, the focus stays on the important 1.1300-28 resistance zone (Nov high/76.4% retracement/Sept peak). An extension above this area would confirm an improved medium term backdrop calling for a test of the 1.1426 June ’16 high, if not the medium term range highs near 1.16/1.17. Near term dips should find support at the 1.1205/00 pivot area, but note that a violation of the 1.1109/07 zone is necessary to confirm a deeper pullback – includes this week’s low and the 38.2% retracement of the rally from the May low.