Forecast for EUR/USD on May 30, 2019

On Wednesday, the euro fell by 29 points due to the complication of trade relations between the US and China and the increased pressure of the EU on Italy in connection with its violation of financial discipline. Italy faces a fine of 3 billion euros.

On the daily chart, the price fixed below the Fibonacci level of 110.0%. On the four-hour chart, the price decreases below the indicator lines of the balance and the MACD. Now, the euro has only one way – a decline to the Fibonacci level of 123.6% at the price of 1.1075 and further to the level of 138.2% at the price of 1.0985.

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Today is a day off in Germany, France, and Switzerland. In the evening, there will be data on US GDP for the 1st quarter in the 2nd assessment, the forecast of 3.1% against 3.2% earlier. But despite the formally revised figure down (if it turns out to be), then the dollar will be able to continue strengthening on the factor of the excellent indicator that was not worked out at the time, in the 1st assessment itself, as well as an increase of 3.1% – this is also an excellent indicator.

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