EUR/USD double recap for 16.05 - 17.05.2018
This is going to be a double recap, because Yesterday I was overwhelmed with everything else except making the recap. Sometimes personal life, life duties and as I am working at another place as well takes me away from my favorite hobby - trading, markets, supporting my blog, growing my followers and trying to make The Daily Chartist shine. And so after this brief recap, moving on to the Euro:
16.05.2018 (Wednesday). Price has opened at 1.18399, attempted a slight move up towards 1.18538, after that pressure returned to the pair and the Euro slipped back 1.17628 and the price closed at 1.18074. 1.18223 was breached and the price for now continues to executed the downtrend move as charted on the daily graph. There wasn't much fundamentals for that day, only for the Greenbuck. Building Permits remained steady at .135M as forecasted 1.35M. Housing Starts came in at negative 1.29M as forecasted 1.32M. So the day ended on the red for the Euro against the Dollar, casting more shadows over the so expected recovery of the Euro.
17.05.2018 (Thursday). Price opened at 1.18067, making again a new attempt to rise a bit towards 1.18370. Price then again was subdued towards the low of 1.17760 and closed at 1.17939. Following this the price continues to execute the charted plan towards 1.17170 (12.12.2017 low point). For now everything is going according as planed, but as we know, market directions can be blown over by a single draft of unforeseen events and unexpected fundamentals. So nevertheless shorts are favored here and longs to be taken as caution, watch the price carefully and be ready to adapt with any change in the price movement of the pair. Fundamentals Yesterday the ones to shackle the price back and forward as starting with Italian Trade Balance coming at 4.35B as forecasted 3.74B. Unemployment Claims was at a negative 222K a bit more than the forecasted 216K. This was compensated from the Philly Manufacturing Index coming in good at 34.4 instead the forecasted 21.1. Dollar continues to gain acceleration and speed and for now is staying strong.
For the pair 1.18000 remains bias and crucial defining the future direction for the Euro. As always keep your eyes open.