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Main » 2018 » May » 24 » Technical Analysis EUR / USD and forecast EUR / USD pair today 05/24/2018: The euro may re about to update the minimum
09:40
Technical Analysis EUR / USD and forecast EUR / USD pair today 05/24/2018: The euro may re about to update the minimum

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Results of the last trading day:


On Wednesday, May 23, trading in the euro ended lower. The main newsmaker for all exchanges became US president Donald Trump. He said he was not satisfied with the progress of negotiations on trade issues between the US and China, and also warned of a possible postponement of the planned meeting with North Korean leader Kim Jong Ynom.


Crosses the yen reacted to his statements reduction (strengthening of the yen). In addition to the overall strengthening of the US dollar, the euro remained under pressure due to the political uncertainty in Italy and weak statistics eurozone.

 

 

 

 

The price rebounded from 1.1678 after the publication of the US Federal Reserve Open Market Committee meeting minutes. Most members of the committee believe that the rate hike in the near future is justified. They differed as to raise rates two or three times. They said that the decision will depend on inflation in the country.  

 

Planned statistics (GMT +3):

At 10:00 will make a speech FOMC member Dudley.

At 11:00 will make a speech the head of the Bank of England Governor Mark Carney

At 11:30 UK will present data on changes in the volume of retail trade in April. Also at this time scheduled to address a member of the ECB Prata.

At 15:30 the US will report on changes in the number of initial applications for unemployment benefits.

At 16:00 the US will publish house price index for March.

At 17:00 the US will declare about changing housing sales in the secondary market in April.

17:35 In a speech made by members of FOMC Bostic.

At 21:00 a speech made by members of FOMC Harker. 

 

Fig. 1 euro / dollar, hour period. Data source: TradingView


The fall of the euro has stopped about 135-th degree - 1.1667. According follows the publication of the minutes of FOMC price rebounded to 1.1714. Buyers met with resistance in the form of a trend line.


In Asia, in the crosses with the euro is mixed dynamics. The yield on US bonds is reduced. The yen, the Swiss franc and gold are becoming more expensive as defensive assets.  The situation is similar to yesterday's. I think that would be a false breakout of the trend line, and the breakdown of support at 1.17 forecast, the expected price drop to 1.1665.


The yield on the US 10-year bond dropped to 2.97%. Now she's trying to grow.


Splash volatility in the market is expected during his speech the head of the Bank of England Governor Mark Carney and the US housing market data. On GDP data in Germany for the 1st quarter do not pay attention, because this is not the first estimate and it's been two months of Q2.

 

Forex EURUSD forecast today Vladislav Antonov Alpari

 

 

 

 

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