[SIZE="6"]Technical Analysis for EUR/USD: May 31, 2016
Upbeat data from Eurozone’s two biggest economies helped cushion the blow of a firming USD against the Euro as the bloc currency records session highs, although the pair is still under performing.
Preliminary CPI of Germany, the EU’s largest economy, was in line with the forecast 0.3 percent growth from the previous reading’s decline of 0.4 percent. France, the second largest, recorded a higher-than-expected 0.6 percent GDP for the first three months of the year, beating the 0.5 percent expectations.
The Eurozone Economic Sentiment report also showed that consumers have a positive outlook on the economy. It printed 104.7 points in May, up from 104.0 last month.
However, these are not enough to offset the bulls surrounding the USD after the Fed Chairwoman herself said that a rate hike is appropriate given the US’ economic conditions.
The pair is now trading at 1.1149, peaking at 1.1156 in early European session. The first support is at 1.1067 and 1.0937 subsequently. The first resistance is at 1.1215 and 1.1357 subsequently.
The MACD indicator is in negative position. The price is rising.
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