This week the European currency continued its decline, which began in early May. In the last three trading days the downward trend on EUR / USD received new drivers. The US Federal Reserve hinted market participants who underestimate the probability of decisive action from the regulator that the tightening of monetary policy seems to be quite real in June.
EUR/USD technical analysis and forecast for 05/23/2016 – 05/27/2016 week
The dollar showed an increase towards 1.12, as it was considered in the EUR / USD forecast for the current week. The EUR / USD pair is traded within the correctional channel, the RSI indicator points to slowdown in the downward movement. The EUR / USD forecast for the week 23 May 2016 – 27 May 2016 suggests consolidation in the area of 1.12 and a further decline to the target level of 1.1150.