{"id":90224,"date":"2016-05-24T07:20:55","date_gmt":"2016-05-24T11:20:55","guid":{"rendered":"http:\/\/countingpips.com\/?p=90224"},"modified":"2016-05-24T07:20:55","modified_gmt":"2016-05-24T11:20:55","slug":"euro-to-keep-trading-sideways","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/05\/euro-to-keep-trading-sideways\/","title":{"rendered":"Euro to Keep Trading Sideways"},"content":{"rendered":"
May 24, 2016<\/div>
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By Vladislav Antonov, Alpari<\/b><\/p>\n

Yesterday”s Trading:<\/em><\/strong><\/p>\n

The euro\/dollar during the American session was able to restore to 1.1230 after a fall to 1.1187 at the start of the New York session. The PMI came out worse than expected, thereby aiding the euro to strengthen against the USD.<\/p>\n

The preliminary PMI in the manufacturing sector fell in May to 50.5 from 50.8 in April (forecasted: 51.0).<\/p>\n

Market Expectations:<\/em><\/strong><\/p>\n

The pair has been trading sideways between 1.1179 and 1.1240 for the past three days. On the daily the sellers have the road to 1.11 open. They need to pass 1.1180.<\/p>

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One thing deserves attention. The sellers can”t pressure the euro under 1.12 due to the weak US stats. There was a sharp upward bounce on 19th<\/sup> and 23rd<\/sup> May. I say this is to do with the technical picture on the daily. The daily indicators are indicating an upward correction. The situation is unclear, therefore it”s necessary to wait for the price to exit the price range. Today I”ve earmarked a 1.1188 \u2013 1.1222 range. I looked over the different price patterns this morning. For me it”s a V-shape. I haven”t bothered to come up with a scenario on the graph for a break through the range, I just indicated the movement in points and as a percentage<\/p>\n

Day”s News (EET):<\/em><\/strong><\/p>\n