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Here are the details of the economic calendar for May 25:
Yesterday's economic calendar was almost empty. Germany and France were not around due to the celebration of Shavuot.
In terms of information background, there's also nothing to be seen. The only thing that the mass media is discussing is the fall and growth of cryptocurrency assets, but this information flow is not relevant with traditional currency pairs.
Analysis of trading charts from May 24:
An upward cycle reappeared after the EUR/USD pair rebounded again from the lower limit of the side channel 1.2160/1.2250 which managed to work out all the decline from May 21.
The trading recommendations from May 24 considered the method of breaking through one or another border of the set range as the main strategy, but trading inside the borders was also possible.
The GBP/USD pair found a foothold in the support level of 1.4100 again, which led to a reduction in the volume of short positions (sell positions), and this provoked a slowdown in the downward course and a price rebound.
The trading recommendations from May 24 included a closed cycle with an amplitude of 1.4100/1.4224, where the quote remained in the specified range.
Trading recommendation for EUR/USD and GBP/USD on May 25, 2021
Today, Germany's final GDP data for the first quarter has already been published, where there was a slowdown in the rate of decline from -3.3% to -3.4%. The market was ready for average results based on preliminary estimates, which is probably why traders did not react to the statistics in any way.
During the US trading session, S&P/Case-Shiller data on house prices will be published, where the growth rate is expected to accelerate from 11.9% to 12.1%
The index is prepared by the agency Standard and Poor's and reflects the change in the value of the residential real estate in 20 regions of the United States. It is an important indicator of the real estate market since if the index grows, it will give rise to the value of the national currency in the long term.
13:00 Universal time - Housing price index
Looking at the EUR/USD trading chart, a local stretch of the upper border of the side channel 1.2160/1.2250 can be observed, which signals buyers' intention to continue the upward cycle.
There is no need to hurry in this situation. It is better to wait for the price to hold above the level of 1.2250 in the H4 time frame to exclude the probability of a natural rebound.
As for the trading chart of the GBP/USD, it shows that the resistance area of 1.4180/1.4224 was already hit during the upward movement, which negatively affected the volume of long positions (buy positions), and as a result, a slowdown and a price rebound.
A new upward cycle can be expected after the price is kept above the level of 1.4250, and until this happens, a natural rebound from the resistance area cannot be ruled out.
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