20 May 2022, EUR/USD
EURUSD trading plan:
U.S. existing home sales fell 2.4% to a seasonally adjusted annual rate of 5.61 million units last month, the lowest level since June 2020 when sales were rebounding from the COVID-19 lockdown slump. It was the third straight monthly sales decline. Home resales, which account for the bulk of U.S. home sales, declined 5.9% on a year-on-year basis. The bulk of April's sales were likely closings on contracts signed one to two months ago before mortgage rates started their rapid ascent. A further decline in sales is likely as contracts decreased for the fifth straight month in March. The 30-year fixed-rate mortgage averaged 5.30% during the week ended May 12, the highest since July 2009, according to data from mortgage finance agency Freddie Mac. It has increased by more than 100 basis points since mid-March when the Federal Reserve started raising interest rates to cool domestic demand and bring down high inflation.
Investment idea: buy 1.0560 and take profit 1.0605.
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