FX.co ★ EUR/USD. Forecast for May 29, 2013

On Tuesday data on the US was rather strong and the US dollar strengthened along with the stock market. S&P/Case-Shiller US National Home Price index in March grew 1.4% vs. expectations for 0.7%. US Consumer Confidence in May was 76.2, the highest post-crisis figure vs. expectations for 70.6.

Today at 11:55 GMT+4 Unemployment Rate is Germany in May is published. According to Bloomberg, the number of unemployed may rise 5K vs. 4K in April, meanwhile, the unemployment rate will be stable at 6.9%. At 12:45 GMT+4 Spain places 10-year bonds, the yields may influence the euro rate. At 13:00 GMT+4 the Organization for Economic Cooperation and Development (OECD) publishes the Economic Outlook projections.

At 16:00 GMT+4 CPI in Germany in May preliminary is published, forecast 0.2% vs. -0.5% in April.

On the whole, negative data could be expected from the OECD and we consider the major investors may seize the opportunity in order to sell the euro further.

Technically, when the testing level 1.2841 is broken, the first target 1.2820 opens, then 1.2800. The third target is 1.2770.