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Eur/Usd On The Rise

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May 02 2011 04:40EDT

The Top story today is definitely death of Osama bin Laden, which caused some mixed moves across the markets. We saw lower reaction on commodities but some strength on stocks and dollar.

Generally speaking, the FX quotes are very calm as London markets are closed today, but we really need to consider a bullish continuation on stocks when US session gets underway. Death of Osama bin Laden is good and big news for the States, and US investors as well! If we are correct, then higher stocks should support the Eur/usd pair…

TECHNICAL OUTLOOK:
Eur/Usd is trapped in a 120 pip range for three days now, which still appears to be a corrective wave four pull-back, identified by a three wave pull-back from 1.4880. Bullish trend remains in tact, with wave v) levels seen above 1.49 and maybe even around 1.5 psychological target!

Critical/invalidation region is at 1.4647!



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