FX.co ★ Technical analysis of EUR/USD for May 04, 2016

As per my previous EUR/USD analysis, pair reached and broke above the fist target being at R2 (1.1480). At the same time, it did not test the next upside target R3 (1.1640) and it could mean that the uptrend is still valid and rate is likely to continue moving up.

Consider either holding or getting into a long EUR/USD position while rate is near 1.1480, targeting the R3 (1.1640) resistance. The stop loss should be well below 1.1500. Get into long trades with caution as the break below 1.5000 could extend the correctional move down back to the 1.1300 area.

Support: 1.1500

Resistance: 1.1640