EUR/USD Forecast May 22-26

EUR/USD reached the highest in six months, mostly enjoying the weakness of the dollar. PMIs, a key German survey and the ECB meeting minutes stand out in the last full week of May. Here is an outlook for the highlights of this week and an updated technical analysis for EUR/USD.

The US dollar was falling as President Trump was engulfed by more scandals. The suspicion of obstructing justice in the Comey memo was the highlight of a terrible week for the White House. The greenback fell on the fear that growth-friendy policies would be delayed. Euro-zone GDP was confirmed at 0.5% q/q and 1.7% y/y. Germany’s ZEW economic sentiment advances, but slightly below expectations. In the US, housing starts and building approvals came out below expectations.

Updates:

EUR/USD daily chart with support and resistance lines on it. 

(Click on image to enlarge)

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