Morning Insights 23rd May

Simon Alagbe

Analyst


Instrument: EURUSD

The weakness in the dollar index at the opening of this week's session is expected to give room for recoveries across the dollar pair, having seen the greenback trade massively in a single direction for some weeks now. 


TECHNICALS: 

Bullish momentum is expected on the instrument today after breaking the 1.0602 resistance region. Buyers are advised to target the next resistance on the hourly chart at 1.07274. with a stop loss below the resistance turn support.  A break above the next resistance will provide further opportunity to take bullish positions. 

FUNDAMENTALS

German ifo Business Climate released earlier today showed a gradual return of optimism as the data has shown a steady increase for two consecutive months. This is a plus for the under-pressure EURO as some recovery is expected in today's session. 

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