EUR/USD forecast for May 27, 2015

May 27, 2015

General overview

The "Greek factor" once again stirs the euro-zone economy. Athens began to declare that they had no money for the June IMF tranche at the end of the last week. The debt market immediately reacted to this Greek bond yields increase relative to the German ones which also carries a risk for the single European currency.

The beginning of the week was calm amid the increased volumes and low volatility. The price reduced downwards through inertia. Then the pair decreased amid the dollar strengthening. There is not support from the sellers’ part. But due to the fact that the trade continues towards the downward channel bears are still strong.

The price is finding the support at 1.0790. The price is finding the first resistance at 1.0925, the next one is at 1.1050.

There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement. The downward movement will be until the price is under the Cloud.

The MACD indicator is in a negative territory. The price is decreasing.

Trading recommendations

We may expect the growth towards 1.1050 further on we expect a fall to 1.0790.

Publication source
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