EUR/USD - is Recording the 3rd Consecutive Green Month - Choppy the Last Days - 05/29/2017 (GMT)

The world’s most traded currency pair –EUR/USD – has been developing fairly directionless since last week, following the sharp buy interest since May 14th. The price is completing the third positive month in a row and surged more than 2% from March. This week, the common currency pair expects the Friday’s U.S. job report which could affect its price action. If the report figures fail to meet market forecasts, it will be beneficial for the euro.

The pair is trading above the gap up over the last five weeks and traders are waiting the time to be filled after such a long time. After the rebound on the 1.1265 strong six-month resistance high, the price is trading slightly lower just above the 1.1160 support barrier. A slip below the latter level will open the door for the 1.1020 handle. However, the three simple moving averages (50, 100 and 200) are sloping upwards and the pair will find a strong support on them. The RSI indicator is moving lower below the 70 level whilst the MACD oscillator dropped below its trigger line.