EUR/USD: review and forecast on 26.05.2015

May 26, 2015

Current trend

The Euro has been falling against the American Dollar for 2 weeks in a row owing to dismal releases on the eurozone combined with positive statistics for the US labour market.  As for today, EUR/USD is trading near 1.0940.

Following yesterday's banking holiday, today's economic calendar looks quite rich. The news about US orders for durable goods seems to be the most important. The index is expected to drop from 4% to –0,4%, which undoubtedly will weaken the dollar. 

Support and resistance

Technically, the price has closely approached the lower line of Bollinger bands on H4 and daily charts. It is very likely to be broken today with a subsequent correction.  

The closest support (1.0920) and resistance (1.1190) levels are the lower and the middle lines of Bollinger Bands.

Trading tips

While waiting for correction, open long positions once the price has crossed the level of 1.0920. Place Take-Profit at 1.1190. Selling below the level of 1.0920 with a target at 1.0870 could be an alternative scenario. 

Publication source
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