Weekly Forex Outlook: May 21-25
The week was positive for the greenback. The US dollar index managed to set new highs near $93.50.
EUR/USD: forecast for November 13-17
EUR/USD has managed to correct to the upside.
The euro was driven up by stronger-than-expected German trade and current account data. In addition, there was a very decent reading of the euro area’s retail sales. A decline in German industrial production was the only thing that rained on the region’s parade, but all in all the European economy is considered to be in a good shape.
Comments from the ECB officials let the market know that while the central bank is not planning to raise interest rates anytime soon, it’s not planning to increase monetary stimulus either.
The coming days will offer more information about the euro area’s economic health. Don’t miss the preliminary GDP data for the third quarter and German ZEW economic sentiment on Tuesday and the euro zone’s final CPI on Thursday. The ECB president Mario Draghi will speak on Tuesday and Friday. The first speech will be especially important.
Resistance is located in the 1.1700/20 area (downtrend resistance, 100-week MA). The next obstacle for bulls will be at 1.1800. As for support, it’s situated at 1.1620, 1.1580 and 1.1550.
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Popular
Trading plan for May 23
It seems like the rally of the greenback has ended. On Monday, the US dollar index tested levels near $94, however, closed below $93.50.
Trading plan for May 22
Last week was highly positive for the US dollar, so, it managed to end the Friday’s trading above 93.50.
Weekly Forex Outlook: May 21-25
The week was positive for the greenback. The US dollar index managed to set new highs near $93.50.
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