EUR/USD is Entering Sideways Market
Today EUR/USD fell down on Forex after a day of growth yesterday and on the daily chart the currency pair’s trend is slowly transforming into a flat pattern rather than bullish or bearish trend.
April retail sales in U.S. decreased as expected — they dropped 0.2%, after gaining 0.2% in March.
Export and import prices rose in April. Import prices increased 1.8% after 2.9% rise in March — the growth was largely caused by the oil price surge. Export prices rose 0.3% after 1.5% rise in March.
U.S. business inventories were up 0.1% in March — below estimated 0.4% growth and even far below 0.5% gain in February.
Tags: business inventories, export and import prices, retail sales
May 16th, 2008 at 3:57 pm
After the sideways based on my technical analysis it should be again to continue the long mega up-trend route.
May 16th, 2008 at 4:24 pm
I don’t think it will go up again. EUR/USD is way overbought (monthly and weekly charts) and the recent fundamental developments (pledges for weaker euro and stronger dollar by various financial officials) also hint for a greater correction on EUR/USD.