Janet Yellen’s speech on Friday supported the “bulls” on the dollar. The Fed chief said that with the further situation improvement in the economy and labor market the interest rates will keep growing. However, further steps the Fed remain unclear and the intrigue remains.
EUR/USD technical analysis and forecast on May 31
The EUR / USD tested the lower boundary of the rising channel; you can see a rebound there. The RSI on the four-hour chart rebounded from the support level, indicating the growth of the European currency. Thus, the forecast EUR / USD on 31 May 2016 provides the consolidation in the 1.1120 area and the upward movement development. There are attempts of the “bears” to break the ascending channel – the main support is in the 1.1100 area.
