17.05.201906:37 Forex Analysis & Reviews: Forecast for EUR/USD on May 17, 2019

EUR/USD

Every day the euro is under increasing pressure from fears on the eve of elections to the European Parliament. The greatest imbalance is made by the "Italian protest" to the EU rules, both from the current government and from the opposition. The eurozone's trade balance for March showed a disappointing result of 17.9 billion from 20.6 billion. The forecast was 19.0 billion euros. In the United States, data on new housing starts for April turned out to be better than the forecast: 1.24 million versus 1.21 million. As a result, the euro lost 25 points, which it previously touched, in accordance with our scenario from yesterday, the resistance of the balance line of the daily scale.

Currently, the daily price chart is below the balance and MACD lines, the marlin oscillator is in the decline zone.

On the four-hour chart, the price consolidated below the balance and MACD lines, the marlin is ready for further decline. We are waiting for the euro to consolidate below the nearest target level of 1.1155 and a further decline to 1.1075 (the Fibonacci level is 123.6% from the decline line September 24, 2018 - November 12, 2018)