02.05.201111:09 Forex Analysis & Reviews: The EUR/USD Monthly Forecast for May 2011

Long-term review

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MONTHLY OVERVIEW :

Last month the pair had a very bullish momentum, especailly during the Royal Wedding of prince William & Kate Midleton last month, after a breakout of the upper trendline from the triangle pattern the pair exploded to the 1.4881 and closed at the 1.4809. For this month the "Osama Bin Laden death" will be a good issue for the USD (for a short time) and will bring the EUR to retrace to the downside situation, especially if the EUR/USD can break out and close below the 1.4497, it will bring the pair down to the 1.4377 as the first target and the 1.4241 level as the second target. On the other hand, based on the fact that the US Finance goverment "people" is the old face player, the recovery of the US Economy still needs time; if the last month highs at the 1.4881 can be broken, it will lead this pair to go up to 1.5000 as the first target and the 1.5150 as the second target.

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