The last three weeks of trading the euro completed in the “red zone”, but it is too early to say about the correction. Fundamental background does not allow the “bulls” to be active.
The Fed expects the acceleration of the US economic growth in the second quarter, the economic data confirms it: investors were pleased on Friday by the release on home sales in the secondary market in April. Real estate is expensive, and if consumers are willing to make such purchases, then the country’s economy shows a recovery.
EUR/USD technical analysis and forecast on May 23
The EUR / USD currency pair shows a consolidation after the descending channel’s lower border testing. The RSI bounced up from the support level, indicating a weak correction. The EUR / USD forecast on May 24, 2016 considers a consolidation and the weak growth of the euro, but the main goal for the «bears” remains at 1.1150.
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