Share

EUR/USD Technical Analysis Forecast For 20 And 21 May

Fundamentals

The EUR/USD took its hardest fall this year, losing 130 points to trade at 1.1184 on comments of an expanded program from the ECB, week German ZEW data and low inflation.  The president of the European Commission has moved to deny reports he has intervened in Greece’s bail-out negotiations, and stressed EU leaders would not agree a bail-out deal at a summit at the end of this week.

According to a leaked document in Greek media on Monday, Mr. Juncker had proposed a reduction in Troika-imposed budget targets and a release of emergency cash to prevent Greece going bankrupt in the summer.

EUR/USD Technical Analysis Forecast For 20 – 21 May

As we have left two trading days of this week, we saw that USD Index supported 93.10 and moved up to 94.20, passed that level and got to 94.65 level. This is soncidered as a good signal for USD Index which may be accepted as the end of a short term down trend. Now it is currently at a level of 95.5. Technically 94.65 support level is important and if USD stays over this level, the index would rise more and this will effect EUR/USD to fall.

eur/usd analysis forecast chart

 

When we analyse EURUSD, bearish pressure is still active. The sellers are effective from 1.1290 carried EURUSD down to 1.1115 which is so close to critical support level of 1.1060. Below 1.1205, down trend continues, and this will make EURUSD test 1.1060 level during the day. But USD Index should continue its up trend for EURUSD to fall more. Otherwise, buyers reaction to the last two days will get into the scene.

EUR/USD Support And Resistance Levels For 20 – 21 May

Pivot : 1.1205

Support : 1.1115-1.1060-1.1015

Resistance : 1.1165-1.1205-1.1245

Today’s economic releases actual vs. forecast for EUR/USD:

Cur. Event Actual Forecast Previous
  NZD PPI Input (QoQ) (Q1) -1.1% -0.7% -0.4%  
  AUD Monetary Policy Meeting  
  NZD Inflation Expectations (QoQ) 1.9% 1.8%  
  GBP CPI (MoM) (Apr) 0.2% 0.4% 0.2%  
  GBP CPI (YoY) (Apr) -0.1% 0.0% 0.0%  
  GBP PPI Input (MoM) (Apr) 0.4% 0.8% 0.4%
  EUR German ZEW Current Conditions 65.7 68.0 70.2  
  EUR German ZEW Economic 41.9 49.0 53.3  
  EUR Core CPI (YoY) (Apr) 0.6% 0.6% 0.6%  
  EUR CPI (YoY) (Apr) 0.0% 0.0% 0.0%  
  EUR CPI (MoM) (Apr) 0.2% 0.2% 1.1%  
  EUR Trade Balance (Mar) 23.4B 22.8B 20.3B  
  EUR ZEW Economic Sentiment 61.2 62.4 64.8

 

Upcoming Economic Events that you should be monitoring for EUR/USD  in forex trading:

Wednesday, May 20, 2015

Cur. Event Actual Forecast Previous
  JPY GDP (QoQ) (Q1) 0.4% 0.4%
  JPY GDP (YoY) (Q1) 1.5% 1.5%
  AUD Westpac Consumer Sentiment -3.2%
  EUR German PPI (MoM) (Apr) 0.2% 0.1%
  GBP BoE MPC Meeting Minutes
  CAD Wholesale Sales (MoM) (Mar) 0.7% -0.4%
  USD Crude Oil Inventories -2.191M
  USD FOMC Meeting Minutes

Government Bond Auctions

Date Time Country

May 20 09:03 Sweden Holds bond auction

May 21 08:30 Spain Auctions Bonos

May 21 09:03 Sweden Holds bond exchange auction

May 21 09:10 France Auctions BTANs

May 21 09:30 UK Auctions 4.75% 2030 Conventional Gilt

May 21 10:10 France Auctions

May 21 15:30 Italy Announces details of CTZ/BTPei on 26 May

May 21 15:00 US Announces details of 2-year FRN on 27 May, plus 2/5/7 year

May 21 17:00 US Auctions 10-year TIPs

May 22 09:03 Sweden Holds bond exchange auction

May 22 10:00 Norway Details bond auction on 27 May

 

EUR/USD analysis forecast archieve

  1. […] EUR/USD Technical Analysis Forecast For 20 And 21 May […]

Leave a Comment