EUR/USD recap for 24.05.2018
The Euro Yesterday had a little breather after some Greenbuck selling. Price opened at 1.16978, made a low of 1.16903 and after negative data from the U.S. it made a high of 1.17498 and settled for the day at 1.17195. The data we had from the U.S. was the Unemployment claims which came in negative at 234K actual from 220K expected and Existing home sales which came in at 5.46M actual from 5.56M forecast. Bot of the negative news for little increased claims for the previous week and the drop in the sells of existing homes in April. All these were positive sentiment for the Euro it gained. Still 1.16749 remains as solid resistance for the movement to continue lower and we may see more attempts to breach that level as in general the Bears are in control of the pair. Still market participants can't find a bottom for the Euro, but they are "working on it" for sure. The daily triangle has already played its Take Profit projection levels and now its just milking it. But of course this is because there is still a lot of pressure.