EUR/USD Review, May 6-10, 2019
The currency pair attempted to reverse last week despite our downtrend expectations. However, there was no significant growth of EUR/USD. The currency pair failed to reach 1,1300 and reversed again.
Investors and traders have paid too much attention to the FOMC meeting results. USD went upwards after this event, but reversed later as the FOMC head’s speech was neutral. US Labor Market data was positive as the number of new jobs increased to 263 000 and the Unemployment Rate decreased to 3,6%. However, Average Hourly Earnings growth was equal to the previous one. Economists expected it to increase to 0,3%.
As for the US Manufacturing ISM PMI, it was worse than expected and declined to 52,8. Economists expected the indicator to decline to 55. ISM Non-Manufacturing PMI was also worse than expected as the indicator declined.
USD has no fundamental reasons to grow, so does Euro. We have a reverse pattern on the chart but without being attached to any support level. However, it is enough for the currency pair to test 1,1285 this week according to our expectations. This uncertainty makes any mid and long term trading attempts useless.
Investors and traders have paid too much attention to the FOMC meeting results. USD went upwards after this event, but reversed later as the FOMC head’s speech was neutral. US Labor Market data was positive as the number of new jobs increased to 263 000 and the Unemployment Rate decreased to 3,6%. However, Average Hourly Earnings growth was equal to the previous one. Economists expected it to increase to 0,3%.
As for the US Manufacturing ISM PMI, it was worse than expected and declined to 52,8. Economists expected the indicator to decline to 55. ISM Non-Manufacturing PMI was also worse than expected as the indicator declined.
USD has no fundamental reasons to grow, so does Euro. We have a reverse pattern on the chart but without being attached to any support level. However, it is enough for the currency pair to test 1,1285 this week according to our expectations. This uncertainty makes any mid and long term trading attempts useless.
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