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17.05.202116:53 Forex Analysis & Reviews: EUR/USD Hot Forecast for 17 May, 2021

• EUR/USD's price action remains directionless so far.
• The greenback loses further momentum despite higher yields.
• The NAHB Index, TIC Flow come up next in the docket.

EUR/USD closed last week on a strong footing well past 1.2100 the figure mainly on the back of the weakness surrounding the dollar and the strong bounce in yields of the German 10-year Bund.Buyers appear to have regained the upper hand around the shared currency and motivate EUR/USD to keep the buying pressure well and sound near 1.2170 on Monday.

EUR/USD starts the week on a mixed note, fading the initial move to highs near 1.2170 while the downside remains limited by the 1.2130/25 band.Similar path is navigating the greenback in spite of the mild gains in yields of the key US 10-year note, which fail to extend the rebound further north of the 1.65%.

Still in the bonds' space, yields of the German benchmark 10-year Bund extend the move higher to the -0.10% zone challenging levels last seen in May 2019.Daily studies are bullish and support the action, but last week's close in Doji (although with long tail) strongly overbought weekly stochastic and fading bullish momentum continue to warn.

Near-term action is expected to remain biased higher while above important 1.21 support zone , but repeated failure to clear 1.2197 pivots would signal extended sideways mode but with increased downside risk.Loss of 1.2100 handles and trendline support (1.2074) would weaken the near-term structure and add to signals of stall.

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Jan Novotny,
Analytical expert of InstaSpot
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