Currency pair Euro Dollar EUR/USD finished the trading week at the level of 1.0918. At the moment, the pair continues to trade near the resistance area and there is a potential for an attempt to drop the quotations of the euro dollar to the area below the level of 1.0750 in the current trading week on May 15-19, 2017. In favor of the decline, the rebound is from the upper boundary of the bearish wave model of Wolf, The area below the level of 1.0450 still stands.
EUR/USD weekly forecast on May 15 — 19, 2017
Also in favor of the decline in EUR/USD is the formation of a reversal Forex model. The failed swing on the relative strength initiator, which indicates the breakdown of the area 1.0850 with closing prices, but do not exclude the attempt to test the local maximum area and only after this continue to decline the pair’s quotes. The abolition of the variant of the development of the reversal model will be the breakdown of area 70 on the indicator of relative strength.
Expect to accelerate the fall of quotations the euro is worth a breakdown of the line of the uptrend on the indicator of relative strength, which will indicate the continuation of the development of the downward trend for the pair 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 15, 2017, Monday, Empire Manufacturing Production Index in the US, is expected to grow from a level of 5.2 to a level of 7.6, which may provide short-term support for the rate of the US dollar against the Euro.
May 16, 2017, Tuesday, The change in GDP in the EU, it is expected that the rate will remain unchanged at 0.5%, the index of sentiment in the business environment from the ZEW Institute in the EU, is expected to increase from 26.3 to 29.1. The volume of issued permits for construction in the US, is expected to slightly change from 1260K to 1270K.
May 17, 2017, Wednesday, the consumer price index in the EU, the main consumer price index, it is expected that the indicators will remain unchanged.
May 18, 2017, Thursday, The number of initial applications for unemployment benefits in the US, is expected to slightly increase from 236K to 240K, the production index of the Fed-Philadelphia, is expected to decline to 18.9, the previous value was 22, which could put pressure on US Dollar at the time of publication of the news. Completion of important news will be the speech of Mario Draghi, president of the ECB.
EUR/USD weekly forecast on May 15 — 19, 2017 involves an attempt to test the area of 1.0950 – 1.0970 and the beginning of the fall of the pair’s quotations in the area below the level of 1.0750 as part of the development of the bearish wave model of Wolf, the cancellation of the fall variant of the pair may be a strong growth and breakdown of the region 1.11.
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