Analysis and forecasts for EUR / USD 24/05/16

FX:EURUSD   Euro Fx/U.S. Dollar
The technical situation on the main currency pair has not changed. The preferred option remains further declines towards lower price levels. Until then we may be witnessing the development of movement correction toward resistance 1,1256-82. Support for this view may be better readings from Germany. It should however be noted that after adjustment, the supply should push-dollar towards the minimum in the last level 1,1179-87. Accordingly, the level of around 1.1280 seem to be an ideal place to open short position.

Taking into account the possible interest rate hike in June, we can also assume that further declines will take place without the mentioned correction. This in turn means that the breaking of the last low of 1.1179 will open the way towards support at 1.1144 and 1,1058-80. Strong support in this case are robust readings from the US economy.
Comment: Eurodollar reached the first important support level 1.1144 (minimum of 24 March). It is possible the local correction. In the case of aggravation of declines next support zone is 1,1058-1,1080. The euro is under pressure because of a possible interest rate hike!
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