The currency pair Euro to US Dollar EUR/USD finished the trading week at the level of 1.0997. At the moment, the quotes of the pair are trying to leave the upstream channel, if the bulls on the pair can break through the area of 1.11, it is necessary to expect the acceleration of the growth of quotations of the euro dollar in the area above the level of 1.15.
EUR/USD Forecast Euro Dollar on May 8 — 12, 2017
As the main option is an attempt to rebound quotes from area 1.10 and the development of a decline with a potential target near the area of 1.0650. In favor of falling quotations of the euro the dollar in the current trading week is a tight test of the resistance area on the indicator of relative strength, as well as a resistance line test at the RSI, which indicates a potential rebound and the development of the EUR/USD decline.
Among the important news from America and Europe in the next trading week, which can have an impact on the EUR/USD rate is worth highlighting:
Monday, May 8, 2017, Changes in the volume of orders in the industry in Germany, expected to decline from 3.4% to 0.7%, which could put pressure on the euro.
Tuesday, May 9, 2017, Level of vacancies and turnover of labor from the US Bureau of Labor Statistics.
Wednesday, May 10, 2017, Index of import prices in the US.
Thursday, May 11, 2017, Economic forecast from the European Commission, Producer Price Index in the US, slight growth is expected from the level of -0.1% to 0.2%, The number of initial applications for unemployment benefits in the US, is expected to grow from 238K to the level of 245K, which can support the European currency.
Friday, May 12, 2017, Change in the volume of the BBB of Germany, the growth is expected from the level of 0.4% to the level of 0.6%.
EUR/USD Forecast Euro Dollar on May 8 — 12, 2017 involves a rebound attempt from the level 1.10 within the resistance line test on the relative strength indicator, in case of breakdown of the region 1.11, it is expected to accelerate the growth of the euro quotes with a potential target near the area of 1.15.
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