Hello May 2023! Begin the month right with our predictions of the major Forex markets. Get our monthly forecasts here:
Get DailyForex analysis to your emailTraders pursuing the upwards momentum of the EUR/USD likely remain in an optimistic mood regarding the currency pair’s results and trend.has continued to provide speculative buyers with plenty of reasons to remain optimistic as the month of May gets ready to start.
The move higher in the EUR/USD is not a one-way street and traders need to remain cautious as they wager on the Forex pair. The EUR/USD responded to this low with renewed buying and a high of nearly 1.10450 was seen on Friday, before a slight selloff going into the weekend. U.S Advance GDP numbers this past Thursday were weaker than anticipated and financial houses may have used the numbers to demonstrate buying power, but more importantly potentially durable support.
. The price of the EUR/USD were one year highs and the last time the currency pair sustained trading within its current heights was in the first week of April last year. Significantly for speculators the last time the EUR/USD experienced its current price slightly over one year ago, it was within a rather strong bearish trend downwards. Now the trend for the EUR/USD appears to be bullish and this may attract additional wagers to the upside.
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