EURUSD continues to trend
Positive U.S. economic data put slight pressure on the EUR however the upside prevails.
Share this:
The US Dollar was mixed against its major pairs on Thursday. On the U.S. economic data front, jobless claims fell by 228 thousand to 963 thousand in the week ending Aug 8th (1100K estimate) from 1186K in the prior week making it the first time Jobless claims have been below 1 million since the coronavirus pandemic began. Import prices gained 0.7% on month In July, above the 0.6% estimate compared to a gain of 1.4% in June.
On Friday, retail sales likely grew 2% on month in July from 7.5% in June. Industrial production is anticipated to gain 3% on month in July from a gain of 5.4% in June. Finally the University of Michigan Consumer Sentiment index is expected to decline to 71.9 in an August preliminary reading compared to 72.5 in the July final reading.
The Euro was bullish against all of its major pairs. In Europe, the German Federal Statistical Office has posted final readings of July CPI at -0.1% year, as expected. France's INSEE has reported 2Q jobless rate at 7.1% (vs 8.3% expected).
The Australian dollar was under pressure against all of its major pairs except for the NZD.
Looking at the chart, the EUR/USD continues to challenge the $1.1915 resistance area inside a short term consolidation zone. The pair remains supported by its 20-day moving average. As long as key support holds at the $1.1635 level which corresponds to the 61.8% Fibonacci level from the swing low of $1.1165 and swing high of $1.1915 we anticipate a continuation of the uptrend if price action can break the 1.1915 resistance level.
Source: GAIN Capital, TradingView
Happy Trading
On Friday, retail sales likely grew 2% on month in July from 7.5% in June. Industrial production is anticipated to gain 3% on month in July from a gain of 5.4% in June. Finally the University of Michigan Consumer Sentiment index is expected to decline to 71.9 in an August preliminary reading compared to 72.5 in the July final reading.
The Euro was bullish against all of its major pairs. In Europe, the German Federal Statistical Office has posted final readings of July CPI at -0.1% year, as expected. France's INSEE has reported 2Q jobless rate at 7.1% (vs 8.3% expected).
The Australian dollar was under pressure against all of its major pairs except for the NZD.
Looking at the chart, the EUR/USD continues to challenge the $1.1915 resistance area inside a short term consolidation zone. The pair remains supported by its 20-day moving average. As long as key support holds at the $1.1635 level which corresponds to the 61.8% Fibonacci level from the swing low of $1.1165 and swing high of $1.1915 we anticipate a continuation of the uptrend if price action can break the 1.1915 resistance level.
Source: GAIN Capital, TradingView
Happy Trading
The US Dollar was mixed against its major pairs on Thursday. On the U.S. economic data front, jobless claims fell by 228 thousand to 963 thousand in the week ending Aug 8th (1100K estimate) from 1186K in the prior week making it the first time Jobless claims have been below 1 million since the coronavirus pandemic began. Import prices gained 0.7% on month In July, above the 0.6% estimate compared to a gain of 1.4% in June.
On Friday, retail sales likely grew 2% on month in July from 7.5% in June. Industrial production is anticipated to gain 3% on month in July from a gain of 5.4% in June. Finally the University of Michigan Consumer Sentiment index is expected to decline to 71.9 in an August preliminary reading compared to 72.5 in the July final reading.
The Euro was bullish against all of its major pairs. In Europe, the German Federal Statistical Office has posted final readings of July CPI at -0.1% year, as expected. France's INSEE has reported 2Q jobless rate at 7.1% (vs 8.3% expected).
The Australian dollar was under pressure against all of its major pairs except for the NZD.
Looking at the chart, the EUR/USD continues to challenge the $1.1915 resistance area inside a short term consolidation zone. The pair remains supported by its 20-day moving average. As long as key support holds at the $1.1635 level which corresponds to the 61.8% Fibonacci level from the swing low of $1.1165 and swing high of $1.1915 we anticipate a continuation of the uptrend if price action can break the 1.1915 resistance level.
Source: GAIN Capital, TradingView
Happy Trading
On Friday, retail sales likely grew 2% on month in July from 7.5% in June. Industrial production is anticipated to gain 3% on month in July from a gain of 5.4% in June. Finally the University of Michigan Consumer Sentiment index is expected to decline to 71.9 in an August preliminary reading compared to 72.5 in the July final reading.
The Euro was bullish against all of its major pairs. In Europe, the German Federal Statistical Office has posted final readings of July CPI at -0.1% year, as expected. France's INSEE has reported 2Q jobless rate at 7.1% (vs 8.3% expected).
The Australian dollar was under pressure against all of its major pairs except for the NZD.
Looking at the chart, the EUR/USD continues to challenge the $1.1915 resistance area inside a short term consolidation zone. The pair remains supported by its 20-day moving average. As long as key support holds at the $1.1635 level which corresponds to the 61.8% Fibonacci level from the swing low of $1.1165 and swing high of $1.1915 we anticipate a continuation of the uptrend if price action can break the 1.1915 resistance level.
Source: GAIN Capital, TradingView
Happy Trading
Latest market news
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 0.3 pts on indices.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
Australian Dollar Outlook: AUD/USD Holds 70c Ahead of RBA and CPI
AUD/USD faces an expected RBA hike and Australian CPI before attention turns to US PCE, ISM and nonfarm payrolls later in the week.
EUR/USD weekly outlook: Oil, inflation and NFP in focus
After coming under significant pressure in recent weeks, the EUR/USD came off its lows to finish the week on a positive note on Friday, albeit with only a mild rebound. That was not enough to prevent the exchange rate falling for the third consecutive week, as the US dollar and bond yields rallied across the board.
USD/JPY Weekly Outlook: Payrolls loom as US rates remain the dominant driver
Strong US growth and hawkish Fed pricing continue to support USD/JPY, while intervention risk appears to be kicking in at lower levels
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.