Fundamental Analysis of EUR/USD for May 23, 2017

EURUSD has been in non-volatile bullish trend after bouncing off from 1.0850. Today, this pair has shown a good amount of bullish pressure as the Eurogroup's meeting is taking place today among 19 member states of the eurozone. The meeting will co-ordinate their initiatives and decisions for the overall economic health in the eurozone. Currently, the meeting is unfolding well in favor of EUR and it is also reflected in the chart. On the USD side today, FOMC policymakers Harker and Kashkari are due to speak about an interest rate decision and further monetary policies. The pair is expected to trade with higher volatile during these events. If USD fails to gain over EUR today, then further bullish pressure in this pair will continue in the coming days.

Now, let us look at the technical chart. The price has retraced towards 1.1160 area today before showing some bullish pressure. Currently, the pair is riding a strong bullish bias and it is expected to reach 1.1350 resistance in the coming days. Meanwhile we might see some corrective moves along the way though today the bullish pressure is quite impressive but the dynamic level of 20 EMA is quite far from the current price which indicated an upcoming retracement in this pair before heading much higher towards 1.1350.

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