Euro

The Euro surged today following comments by Angela Merkel, Germany’s chancellor, that the Euro was “too weak”.

The Euro is looking overall bullish and hit a 2017 high today of 1.1262 against the Greenback

EURJPY

As for the EURJPY, if an upside breakout pushes past the 125.00 resistance level, it will likely confirm that the bullish pressure is still very much in play. On the other hand, a breakdown will suggest that a larger pullback is pending to happen.

Major Events This Week

There are several events lined up this week. Let us look at the major pending economic events:

1. European Central Bank President Mario Draghi Speaks (05/24/2017 Wednesday 12:45 GMT): The president of the EU central bank is scheduled to speak at the First Conference on Financial Stability that is being organized in Madrid by the Bank of Spain. The market will be volatile during this speech as traders and investors try to take points from his speech.

2. Bank of Canada Overnight Rate (05/24/2017 Wednesday 14:00 GMT): The interest rate of the Canadian bank has been at 0.5 percent for a long time now. However, with certain uncertainties in some countries of the country’s economy, the percentage might not stay for that long. The Bank Rate and the deposit rate were also held steady at 0.75 percent and 0.25 percent, respectively.

3. U.K. GDP Second Estimate (05/25/2017 Thursday 8:30 GMT): the UK’s growth has been just at 0.3%, down from the initial 0.7%. this was below what the market had expected (0.4%). This figure will be an indication that the effects of Brexit has started to manifest on UK’s economy.

Trend Meters

The market is trending strong as our Trend Meters show, with a strong bias against the USD, nd an overall weak yen. As we see the market confirm to the current trend, the ForexSignal Trading Team expects to see more opportunities to send Forex signals to our clients worldwide.

The ForexSignal Trend Meters are updated daily and reflect the daily trend for each of the major currency pairs. ForexSignal subscribers can access the Trend Meters in their web dashboard at any time.