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Forex technical analysis: EURUSD tests channel trend line as Fed members awaited

Discussion in 'Technical Analysis' started by ForexLive, May 19, 2016.

  1. ForexLive

    ForexLive Forum Member

    Sep 2, 2015
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    Market waiting for the next shoe to drop The EURUSD is down testing channel trend line support off the hourly chart at the 1.1181 level. The Philly Fed came in lower than expectations. The weekly claims came back down to more normal levels after the spike higher last week. The Chicago National index was better at 0.10 vs -0.20 estimate. But, the highlight will be the chatter from Fed's Fischer at (9:15 AM ET/ 1315 GMT) and Dudley (at 10:30 AM ET/1430 GMT). The market will be looking for more June rate hike talk of course. Jeffrey Lacker joined in the chorus today that was started on Tuesday with Fed's Williams and Lockhart starting the song. The FOMC meeting minutes were also more hawkish than expectations.

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