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Main » 2018 » May » 30 » The euro dollar technical outlook EUR / USD pair today 05/30/2018: evrobykitrying to kneel
10:16
The euro dollar technical outlook EUR / USD pair today 05/30/2018: evrobykitrying to kneel

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Results of the last trading day:


Tuesday, May 30, at the euro trading ended another decline. 23 bear candle with April 17, the fluid. The euro is under pressure due to the overall strengthening of the US currency and increased political risks in Italy and Spain. In the course of trading in Europe, the euro / dollar dropped to 1.1510, and then started upward correction.


In Italy, the party can not form a government. In Spain, on Friday, Parliament may express no confidence in the Prime Minister Mariano Rahoyu and his government.

 

 

 

 

Investors sold the euro as they fear that the next elections Eurosceptics will gain more votes and hold a referendum on the country's exit from the euro zone.

 

Planned statistics (GMT +3):

09:45 France will publish data on the change in consumer spending for April and GDP for the 1st quarter. It does not have any influence on the exchange rate.

At 10:00 Switzerland will present an index of leading economic indicators from the KOF May. It does not have any influence on the market and the franc.

At 10:55 Germany will report on changes in the unemployment rate and the number of unemployed in May. One does not go figure. It has an impact on the market with a strong deviation of the actual value of the forecast.

At 11:00 Switzerland is to publish an index of investors' expectations according to ZEW and Credit Suisse in May.

At 12:00 the Eurozone will publish an index of consumer confidence index of business optimism in the industry, the index of sentiment in the economy and the sentiment index of business confidence for May. These figures are interesting market, but traders can ignore in the background of events in Italy and Spain.

At 15:00 Germany will present the consumer price index for May - an important indicator.

At 15:15 the US will be informed about the change in the number of employees from ADP in May - an important indicator. The reaction to the ADP short, no longer than 30 minutes.

At 15:30 Canada said about changing the balance of payments for the 1st quarter and will publish the Producer Price Index for April. For traders, these data are of no interest.

At the same time the United States will be informed about the change in the GDP deflator and the price for the 1st quarter. Because Q1 GDP - is not interesting.

At 17:00 in Canada will be announced the decision of the Bank of Canada's interest rate, as well as the accompanying statement will be released the Bank of Canada - an important event for the market and Canadian.

At 21:00 will take place the publication of the Fed's economic survey by region "Beige Book" in the United States. No effect on the market. The book itself is interesting for investors.

At 23:30 the American Petroleum Institute (API) will publish a weekly report on inventories in the US crude oil. The report is interesting for traders who trade in oil and commodity currencies.

 

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


Tuesday, May 29 with the opening of the European session, the euro dollar exchange rate fell by 130 points to 1.1510. Customer Support EUR / USD at the time of falling prices has had a MA D3 line and the 180-th degree. 180 gr. price ricocheted 67 gras. up and for 16 hours beats between these degrees.


Sellers EUR / USD has a range of up to 1.1450. It took into account the fall of the euro falling speed. There goes the trend line, which was defeated in the daily TF through 1.0340 (at least 3.1.17) and 1.0569 (at least 10/04/17). 


Due to the geopolitical euro fell heavily. On intraday TF felt oversold. Even sellers to EUR / USD 1.1450 to finish, they need to rest, but do not give customers a high rise. In yesterday's review, I wrote that when the market is subject to price fluctuations due to geopolitics, the indicator analysis stops working. Working Fibo levels and battery levels.


I do not do today forecast the euro, as the EUR / USD pair will sway in different directions on any news from Spain and Italy. Now it's frightening to sell the euro from 67 gr. 1.1600, because after prolonged drop in prices the price of EUR / USD could easily rebound to 1.1660 / 70. All major euro crosses are trading in positive territory, and after the break of the trend line we should expect the price reduction to the carrying line 1.16. Sales of EUR / USD of 1.16 can be considered only with reduced capacity.

 

Forex Forecast EUR / USD pair today Vladislav Antonov Alpari

 

 

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