Europe’s common currency is sliding toward fresh six-month lows, as weak economic data and political uncertainty continue to weigh. What level does the EURUSD pair now trade? Gain insight into this 24 May EURUSD Technical Analysis.
24 May, OctaFX – The euro has fallen to a fresh 2018 trading-low against the US dollar, hitting 1.1677, as weaker than expected eurozone data and rising Italian bond-yields weigh on the single currencies trading sentiment.
The EURUSD pair currently trades around the level 1.1700, with bearish selling pressure building while price trades below the key 1.1715 level. Traders continue to find direction from the value of the US dollar index and steadily rising Italian bond-yields.
EUR/USD now looks to ECB
In the data space, German Q1 GDP figures showed the economy expanded 0.3% inter-quarter and 1.6% YoY, matching estimates. Later in the day, the ECB will publish its minutes from the April meeting, although it is worth recalling that President Draghi noted during his press conference that the Council did not discuss monetary policy, so the impact on FX could be limited.
Across the pond, the usual weekly report on the US labour market is due along with Existing Home Sales and the speech by NY Fed W.Dudley (permanent voter, centrist).
24 May EURUSD Technical Analysis
- The EURUSD pair is strongly bearish while trading below the 1.1715 level. Further selling towards the 1.1677 and 1.1610 remains possible.
- If the EURUSD pair trades above the 1.1715 level, key technical resistance is found at the 1.1750 and 1.1780 levels.
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