EUR/USD. Forecast for August 2, 2013
August 2, 2013 9:33 amVideo
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Bearish tendency for the euro has consolidated. Yesterday during the ECB press conference Mario Draghi did not say anything new and tried to be neutral. Following positive data on ISM Manufacturing in the US in July, which was 55.4 vs. expectations for 52.1 and 50.9 in June, the euro continued declining.
The investors are waiting for Non-Farm payrolls in the US in July, forecast 185K vs. 195K in June. However, on Wednesday, ADP National Employment report (200K vs. 180K) was published; Non-Farm payrolls may be even better than forecasts. At the same time (at 16:30 UTC+4) Unemployment rate in the US is published and it is expected to drop from 7.6% to 7.5% and data on Personal Spending and Income in June; Income growth is expected at the level of May, 0.5% and Spending at the level of 0.5% vs. 0.3%. At 18:00 UTC+4 data on US Factory Orders in June is issued; forecast 2.3% vs. 2.1% in May.
Thus, today only positive data is expected. Taking into account situation pertaining to budget deficit and Qe3 cut from September, the drop of the euro may be strong.
From the technical point of view, when the pair breaks the support of trend line on the H4, 1.3200, there open successively such target levels as 1.3163 (the low of July 23), 1.3143 (significant level of volume accumulation of July 19-22, according to СМЕ), 1.3102 (the high of June 28), 1.3090 (the level of coincidence on the daily chart of trend line, the level of Fibonacci 50% and blue sliding indicator line of Kruzenshtern, 1.3050 (strong level on the history from February this year).
The material has been provided by InstaForex Company – www.instaforex.com
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