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[QUOTE="forum forex, post: 208732, member: 78402"] [HEADING=1]May-25, 2022, Daily forex trading analysis and currency exchange forecast, by forex forum.[/HEADING] EUR/USD corrects lower following a failed attempt to extend the daily range further north of the 1.0750 zone, sparking a subsequent correction of nearly one big figure to the vicinity of 1.0640. The renewed strength in the dollar sponsored the move lower in spot, which it has also met some help from lower yields on both sides of the ocean. No news from earlier comments from ECB-speakers, as practically all of them joined the summer rate hike narrative in place in the last couple of weeks. In the euro calendar, earlier results saw the German GDP Growth Rate expand 3.8% YoY in Q1 and the Consumer Confidence tracked by GfK improve marginally to -26 for the month of June. In France, the Consumer Confidence came in short of expectations in May at 86 (from April’s 87). [HEADING=3]Elsewhere, GBP/USD stalls below $1.26[/HEADING] The weakening dollar has given GBP/USD space to bounce, and since mid-month the pair has been able to move back towards the early May highs at $1.26. But a weaker set of purchasing manager index (PMIs) yesterday meant that the pound ran into some selling pressure, and as a result, the pair has been unable to maintain upward progress, and is now at risk of turning lower. Fresh declines would bring the May low back into view, down towards $1.22 and potentially lower, with $1.208 the next big level to watch. [B]JPY/USD[/B] On the other hand, Turning to the economic calendar, the focus will be on April U.S. PCE scheduled for Friday. U.S. markets are closed next Monday for the Memorial Day holiday and traders are starting to leave their desks for the long weekend, so liquidity conditions could deteriorate further in the coming days. Thin liquidity could amplify price volatility if key data surprises relative to expectations. Check out the forum.forex [B]Economical calendar[/B] to see what traders expect. In terms of technical analysis, USD/JPY has bounced off support in the 126.50 zone and seems to be heading towards trendline resistance near 127.40. If price manages to clear this hurdle, bulls could launch an attack on 128.40, the upper boundary of a short-term descending channel. On further strength, the focus shifts higher to 129.75. On the flip side, if sellers return and spark a bearish reversal, initial support spans from 126.50/126.15. If this area is breached on the downside, USD/JPY could be on its way towards the psychological 125.00 level. [B]US dollar[/B] The U.S. dollar snapped a two-day losing streak on Wednesday ahead of the release of the minutes from the U.S. Federal Reserve's May meeting, which investors will parse for clues about further interest rate hikes. The minutes are due at 2 p.m. EDT (1800 GMT). U.S. Federal Reserve Chair Jerome Powell has promised to continue hiking rates until there is clear and convincing evidence that inflation is under control. The U.S. dollar index, which measures the greenback against a basket of peer currencies, was up 0.491% at 102.25, at 10:15 a.m. (1415 GMT). The dollar had fallen to a one-month low on Tuesday after European Central Bank chief Christine Lagarde flagged an end to negative interest rates in the euro zone in the third quarter. Thank You [/QUOTE]
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