EUR / USD is poised to move higher towards 1.2265 – financial magazine

On Thursday, May 20, trading in the euro ended with growth. The euro rose in price by 0.47% to 1.2227. The single currency rose in price from the opening of the Asian session to the close of trading in the United States. The growth in quotations was caused by the increased demand for risky assets. Investors overestimated the US Federal Reserve Protocol released on Wednesday.

Growth accelerated after the publication of data on the US labor market, which increased traders’ optimism about the prospects for demand for energy in the US. The crosses were on the buyer’s side, so they returned very easily to the 1.2226 level. At trading in Asia, the maximum was recorded at around 1.2239.

Last week, the number of Americans who applied for unemployment benefits decreased by 34 thousand, to 444 thousand people (the forecast was 450 thousand) This is the lowest value of the indicator since the beginning of the COVID-19 pandemic.

Scheduled statistics (GMT + 3)

  • From 10:15 am to 11:30 am, there will be indexes of business activity in the manufacturing sector and the service sector for April in France, Germany, the eurozone and Britain.
  • ECB President Christine Lagarde will deliver a speech at 15:00.
  • At 15:30, Canada will announce its retail sales for March.
  • At 16:45, the US is to publish an index of business activity in the manufacturing and services sectors for May.
  • At 17:00, the US will announce the change in home sales in the secondary market for April. Eurozone is to release May Consumer Confidence Index.
  • At 18:00, the Governor of the Bank of Canada Tief Maclem will deliver a speech.
  • At 20:00 Baker Hughes will publish data on the number of active oil rigs.

Current situation

At the time of this writing, the euro is worth 1.2237. There is mixed performance across major currencies. The franc, euro, pound and yen are trading in positive territory. The single currency is receiving support from growing crosses. If the positive dynamics continues until the close of the European session, the euro is expected to rise to 1.2265 (1). There the 90th degree meets the projection from the tops 1.2177 and 1.2245.

The growth of quotations may accelerate or slow down after the release of European statistics and the speech of Christine Lagarde. At the beginning of trading in Europe, there are indices of business activity in the manufacturing and services sectors. At the American session, similar indices will be released in the United States.

Summary: buyers have won back losses for Wednesday and are ready to move higher to 1.2265. They are supported by growing crosses. The growth of quotations may accelerate or slow down after the release of European statistics and the speech of Christine Lagarde.

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