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EUR/USD Fluctuates, Attempts to Avoid Fifth Day of Losses

May 17, 2012 by

EUR/USD was falling today, heading for a fifth straight day of losses. The currency pair rebounded later and currently stays flat. Macroeconomic data from the United States was surprisingly bad today with the exception of jobless claims that remained stable.

Initial jobless claims was at the seasonally adjusted 370k last week, the same rate as in the week before and in line with the forecast of 368k. (Event A on the chart.)

Philadelphia Fed manufacturing index slumped from 8.5 in April to -5.8 in May. That was a complete and unpleasant surprise to economists, who expected an increase to 10.3. (Event B on the chart.)

Leading indicators fell 0.1% in April, following the 0.3% increase in March. The report frustrated analysts who predicted a rise by the same 0.1% rate. (Event B on the chart.)

EUR/USD for 2012-05-17

If you have any comments on the recent EUR/USD action, please reply using the form below.

3 Responses to “EUR/USD Fluctuates, Attempts to Avoid Fifth Day of Losses”

  1. Fai Elbarca

    Where will it go then? breaking the 1.2748, or breaking the 1.2663?


    admin Reply:

    If the fundamentals don’t change soon, breaking 1.2663 looks more probable to me.


  2. slow forex

    My feeling is that we can go somewhere like 1,29 max, and then down.. but this time below 1,26. Especially if trading longterm (D1/W1) I would trade now S. But let’s wait a while.


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