EUR/USD. Forecast for May 20, 2013
May 20, 2013 9:30 amVideo
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Published on Friday US data surpassed the expectations, Michigan Sentiment index in May was 83.7 vs. expectations for 77.9. US Leading Index in April was 0,6% vs. forecast for 0.3%. S&P 500 grew 1.00%, Stoxx 600 added 0.33%, however the euro dropped 43 points as it was influenced by strong bearish trend.
Today is a holiday in France, Germany, Switzerland, ans Canada. At 21:00 GMT+4 Federal Reserve Bank of Chicago President Charles Evans speaks. Recently, Fed representatives have been speaking about the idea to cut the bond-buying program. On the contrary, the ECB has launched such a program. However, until the bank has not put it into action, the euro will be under pressure.
Touching upon the idea of the growth of US stock exchange amid the talks about expected QE3 trimming we may admit that according to the ongoing program the Fed does not invest money in the exchange market and the support of debt mortgage market has strengthen to that extent that it may grow independently.
In this situation the exchange and stock markets may continue to develop independently and the major factors of pricing are central banks activity. Meanwhile, we expect the ECB will take action withing 2-3 weeks.
Technically, after the price overcomes the support of trendline on the H4 (1.2819), we expect the price will move downwardly to 1.2787 and then to 1.2735/45 (the low of April 4), support of trendline on the daily chart. If on the H4 the price breaks the level of conjunction of trendline with a Fibonacci extension on the level of 1.2854 we expect a technical correction to the next level 1.2904.
The material has been provided by InstaForex Company – www.instaforex.com
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