Forex forecast for 8 May 2017.
The pair jumped into the area above 1.1000, but not for a long time. Pressure on the euro may continue throughout the day. Now the pair is moving to the area of the support level at 1.0955/50. The break below it will cause the movement to 1.0930 and more significant level of 1.0900, which probably will stop the downward movement.
The pair reached the level of 113.00 today. We saw such dynamics due to the fall of the Japanese currency against the euro. Now the pair is preparing to close the bullish gap arose at the opening of trading session.
The pair is also under the pressure due to the dynamics in EUR/GPB. The negotiations of the EU and Great Britain on Brexit remain the main problem for the British currency. This week the Bank of England's Monetary Policy Committee will hold a meeting. According to forecasts the interest rates will be left at their record low of 0.25%.