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Here are the details of the economic calendar for May 26:
S&P/Case-Shiller data on US home prices were published yesterday, where the results exceeded expectations. The index rose from 12.0% to 13.3%.
The index is prepared by the agency Standard and Poor's and reflects the change in the value of the residential real estate in 20 regions of the United States. It is an important indicator of the real estate market, if the index grows, this in the long term may give rise to the value of the national currency.
In this case, US statistics had a positive impact on the US dollar rate.
Analysis of trading charts from May 25:
In view of the upward cycle, the EUR/USD pair not only managed to approach the upper border of the side channel 1.2160/1.2250, but it also broke through it locally, which signals a high interest from buyers.
The trading recommendations of May 25 considered the result regarding the breakdown of the upper border of the side channel. Traders have already received a buy signal.
Unlike its European counterpart, the GBP/USD pair cannot boast any drastic changes. The cycle of the amplitude of 1.4100/1.4240 still holds market participants.
The trading recommendations of May 25 considered a closed cycle of the 1.4100/1.4224 amplitude, suggesting that the trading method of breaking a particular border should be used.
Trading recommendation for EUR/USD and GBP/USD on May 26, 2021
Today, there are no pleasing important statistical indicators, since the economic calendar is empty. It is not worth hoping that the information flow will pull out of a difficult situation, since it has been in absolute silence for a long time, with the exception of the cryptocurrency.
Looking at the EUR/USD trading chart, the amplitude price fluctuation can be seen along the coordinate 1.2250, where the maximum deviation is 20 points.
In this situation, we have already received a signal about the prevailing upward interest among traders, but there is a price stagnation/pullback due to local overbought conditions.
The growth of the volume of long positions is expected after the price overcomes the coordinate of 1.2266 – high of the last trading day.
As for the trading chart of the GBP/USD, it shows that that the amplitude 1.4100/1.4240 is still relevant among traders, and the quote moves within its lower border.
The best trading tactic is the method of breaking through a particular border, trading on the outgoing impulse.
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