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Here's the details of the economic calendar for May 17:
Italy released its inflation data yesterday, where its level remained at 1.1% (y/y). However, traders ignored it due to the fact that this indicator will only cut off data on a single country of the Eurozone.
There was a stagnation in the UK and the US on May 17.
Analysis of trading charts from May 17:
The EUR/USD pair showed quite low activity during the last trading day, but buyers manage to keep the upward cycle previously set by the market.
Trading recommendations from May 13, 14 and 17 considered buy positions that are already profitable and are approaching the predicted coordinate.
In turn, the British currency is on the verge of updating the local high of the mid-term trend during the upward cycle, which leads to abundant attention from speculators.
The trading recommendations on May 17 considered the continuation of growth in the volume of long positions if the price stays above the local high of May 14, which eventually led to the expected coordinate of 1.4165.
Trading recommendation for EUR/USD and GBP/USD on May 18, 2021
Today, the United Kingdom has already published its data on the labor market, where the unemployment rate declined from 4.9% to 4.8%, while employment is rising at a faster pace than predicted – +84 thousand.
At the same time, applications for unemployment benefits fell by 15.1 thousand against the forecasted growth of 25.6 thousand.
The UK statistics are impressive, which led to the growth of the pound's value.
At 9:00 Universal time, Eurozone's preliminary GDP data for the first quarter will be published, which should coincide with the previous estimate of -1.85 (y/y).
The coincidence of expectations could push the euro upward.
The United States will publish its construction data during the US trading session. The volume of construction of new houses in April may decline, but the number of permits will rise, albeit insignificantly.
Looking at the EUR/USD trading chart, it can be seen that the upward trend has already led to the update of the local high (1.2180) from May 11, which leads to an increase in the volume of speculative transactions in the market.
If the price is held above the coordinate 1.2200, the prolongation of the upward cycle towards the medium-term trend high (1.2349) is not excluded.
As for the GBP/USD trading chart, it shows that the local high of 1.4165 from May 11 was updated during the Asian trading session, which led to a strengthening of the pound's positions.
At the moment, the main obstacle to traders is the high of the medium-term trend of 1.4224, where a reduction in the volume of long positions is still not excluded, repeating the natural basis of the past.
In this situation, it is worth working on the principle of a rebound, or a breakdown relative to the control coordinate of 1.4224, where the growth of speculative operations in the market is not excluded.
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