This Friday, the euro has reacted slowly to the GDP growth in the euro zone, investors gave a clear preference to the US dollar. The German GDP in the first quarter of 2016 increased by 0.7% compared with the previous period.
The main event of this week will be the publication of the minutes of the Federal Open Market Committee on Wednesday, 18 May. It is expected that the event will cause the increased volatility and a significant impact on price movements.
GBP/USD technical analysis and forecast on May 21
The European currency started the trading week with growth. On the four-hour chart EUR / USD the RSI showed a rebound from the support, the growth of quotations is possible up to 1.1380, where one can expect an activation of the “bears”. The EUR / USD forecast on 05.17.2016 involves limited growth of the euro quotations. The pair is traded within the upward correction to the channel’s lower border, the main objective is to reduce upward the area of 1.1150.
