Euro continues to be trading in a lateral trend "May 24, 2016"

Results of the last trading day:

At the American session the rate of euro/dollar could be restored to 1,1230 after falling to 1,1187 at the beginning of the New York session. The production PMI index has appeared below the forecast, than has helped single currency to become stronger to the American dollar.

The preliminary production PMI index has fallen in May to 50,5 with 50,8 in April (the forecast was 51,0).

Expectations of the market for today:

The last three days the currency pair is trading in a lateral trend between levels 1,1179 and 1,1240. On the day period the road to 1,11 is opened for sellers. They need to pass 1,1180.

Pay attention to one moment. On weak American statistics sellers can't press through euro under 1,12. On May 19 and 23 couple sharply jumped aside up. I connect it with a technical picture on day TF. Day indicators indicate the ascending correction.

The situation is ambiguous therefore it is necessary to wait for a price exit from price range. For today I have allocated range 1,1188 – 1,1222. Since morning I have touched different price models. I have stopped on V-shaped. I didn't begin to do scenarios on break of borders of range on graphics, I have specified only the movement as a percentage and points.

News of the present day:              

    - in Germany there will be a final gain of GDP beyond 1 quarter 2016.
    - Germany and an evorzona will publish indexes of economic moods of ZEW for May.
    - Parliamentary hearings concerning inflation in Great Britain. The head of Bank of England Carney's Brands, and also Ben Broadbent, Martin Vail and Gertyan Vlige will act.
    - in Great Britain there will be data on the volume of retails from CBI for May.
    - report of European Central Bank on financial stability. Mario Draghi can act.    
    - The USA will present data on sales at primary housing market for April.
    - The USA – the Index of business activity in production from FRB-Richmond for May.

Technical analysis:

Intra day forecast: at least – 1,1188, at most – 1,1222, closing – 1,1208.

Euro/dollar is trading in a lateral trend. From above buyers are drawn in by the trend line. Buyers try to protect level 1,1180. On Tuesday I have chosen the movement in the range of 1,1188 - 1,1222. Not the fact that the price it will be necessary to bargain between these levels. I consider that day indicators need to unload. It is better to look for sales of euro in a zone 1,1320-1,1350.