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Main » 2018 » May » 21 » The euro dollar technical outlook EUR / USD today 21/05/2018: bearish trend for the euro remains strong
11:09
The euro dollar technical outlook EUR / USD today 21/05/2018: bearish trend for the euro remains strong

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Results of the last trading day:


According to the results of last week, the major currencies except the Swiss, showed a decline in relation to the US currency. The single currency has demonstrated the largest weekly decline (-1.42%).  


On Friday, the euro fell to 1.1750 after failing to get out of the triangle formation. Price turned down on news from Italy that the two-party ( "Movement 5 Stars" and "The League of the North") have pledged to increase spending in a deal to form a new coalition government. The yield on long-term government bonds of Italy jumped to 7-month high.

 

 

 

 

As a result, geopolitics made a couple of euro / dollar to move with a yield of 10-year bonds (US10Y) in one direction. Although reducing US10Y dollar should weaken, the euro - to go up.  

 

Planned statistics (GMT +3):

At 13:00 the Bundesbank monthly report will be released in Germany.

At 15:30 the US will publish the index of economic activity from the Federal Reserve Bank of Chicago in April.

19:15 In a speech made by members of FOMC Bostic.

21:05 In a speech made by members of FOMC Harker.

OPEC meeting   

 

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

 

Expectations with the upward correction to 1.1859 failed to materialize. After a false break the triangular formation the price dropped to the support zone of 1,1778-1,1796.


The euro falls 22 trading days, and the serious setbacks it was not. I did not make a prediction today, as because of the Italian euro remains under pressure, as the price has reached a key daily support 1.1740. On Monday trading in Asia, the euro dropped to 1.1744.


Price caught on site from the 180 and 67 degrees from different heights. 90-th degree is at the level of 1.1728, and the 112 th - at 1.1701.


triangle formation copy of the top line, I put it to a minimum 1.1763 in order to build the downlink "AA" to define a target area in addition to sellers Gann levels. If we consider the time factor, the 112-th degree is the goal for the sellers of the lower channel line "A-A" and the 45th degree of minimum 1.1777 - target for buyers at the upper channel line.


Also held an additional line through the lows 1.1822 (May 9) and 1.1763 (May 16). We need it in order to define an intermediate support. The intersection of 67 t. and the line, there is a price level for a rebound. EUR shorts have no desire. He took a wait.

 

Forex Forecast EUR / USD today Vladislav Antonov Alpari

 

 

 

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