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20.05.202005:08 Forex Analysis & Reviews: Forecast for EUR/USD on May 20, 2020

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EUR/USD

On Tuesday, investors continued to work on the news regarding the creation of a European anti-crisis fund worth 500 billion euros, and in addition to this, weak data on US construction provided the euro with support. The volume of construction of new houses in April reached 0.891 million against expectations of 0.927 million and 1.276 million in March. The volume of construction in the eurozone showed a contraction of 14.15% in March, while in the March reduction was 18.6% in the US. At the same time, the eurozone economic sentiment index for the current month increased from 25.2 to 46.0. We will see the US' response when the PMI for May will be released tomorrow.

The euro has almost reached the upper limit of the 1.5-month trading range on the daily chart, the price is slightly above the price channel line this morning. The Marlin oscillator is in the growth zone. According to the main technical features, the euro is aiming to attack the upper border of the trading range of 1.0995 in order to try to reach the price channel line at 1.1140, but this idea may be misleading. Sand-colored ovals mark the price exits above the MACD indicator line, after which the price returned. The same pattern is being formed at the moment, and as with previous cases, with the output of the oscillator signal line to the growth zone.

The situation is completely upward on the four-hour chart. We are waiting for the development of events.

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