Currency pair Euro to US Dollar EUR/USD finished the trading week at the level 1.1206. The pair continues to move within the framework of a strong bullish impulse. At the moment, there is the potential for a test of the next resistance level near the area of 1.13, from where the pair Euro to US Dollar EUR/USD can go into the bearish correction with the target near the area 1.1050.
EUR/USD forecast on May 22, 2017 — May 26, 2017
However, we should not exclude the attempt to test the upper boundary of the descending channel. In favor of falling quotations of the pair is the formation of the reversal forex pattern “Wedge” on the indicator of relative strength index (RSI), with a breakdown which is expected to begin the fall of the pair EUR/USD. The cancellation may be a breakdown of the area of 1.1540, which will indicate the breakdown of the upper boundary of the descending channel and the continued growth of the Euro to US Dollar EUR/USD.
Among the important news from America and Europe in the next trading week, which can have an impact on the EUR/USD rate is:
May 24, 2017, Wednesday, ECB President Mario Draghi Speaks. FOMC Meeting Minutes, these are the key events of the current trading week, we should expect the growth of volatility in pairs involving the euro and the US dollar at the time of publication.
May 25, 2017, Thursday, Unemployment Claims.
May 25, 2017, Friday, Durable Goods Orders.
EUR/USD forecast on May 22, 2017 — May 26, 2017 assumes an attempt to test the resistance level near the area 1.13 and the beginning of correction to the area below the level 1.1050, expect the acceleration of the fall of quotations Euro to US Dollar EUR/USD stands with the breakdown of the lower reversal forex pattern “Wedge” on the indicator of relative strength index (RSI), the cancellation will be a breakdown the level 1.1550.
