EUR/USD. Forecast for July 3, 2013.
July 3, 2013 8:45 amVideo
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Last Tuesday, despite encouraging macroeconomic data on Spain and the USA, the euro tumbled 85 points, whereas the Dow Jones dived 0.29% amid political instability in Europe and Egypt. Portuguese Foreign Minister has handed in his resignation which contemplates early election and will undoubtedly have a negative impact on stimulus measures. The Egypt’s High Court produced an ultimatum to President Mohammed Morsi and soon the Constitution will be suspended and provisional government formed. Oil gained more than 2%.
Nevertheless, the markets have 2-3 days available until political disturbances result in specific actions. Today’s important news may cause a correction.
At 13:00 (GMT+3) euro area is to disclose its retail sales for May: the index is expected to add 0.4% against -0.5% in April.
At 16:15 (GMT+3) the USA will report ADP non-farm employment change for June: forecast +161K compared to +135K in May.
At 16:30 (GMT+3) unemployment claims in the USA will be disclosed: forecast +345K against +346K. Right after the U.S. trade balance will be released. It is expected to fix at -40.3 bn dollars.
At 18:00 (GMT+3) the U.S. ISM non-manufacturing PMI is due. Analysts forecast the growth to 54.3 against 53.7.
Technically, if the price fixes above the 1.2990 reference level, which is equal to the overcoming of the Fibonacci ray on H4 time frame, the price can work out its range to 1.3073.
In case the data is weak, the price will head to the support of the trend line at 1.2934 (having broken the low of May 31 at 1.2943). Perhaps, there will be a breakthrough of the trend line of the daily chart to 1.2918, the support of the trend line on H4 time frame.
The material has been provided by InstaForex Company – www.instaforex.com
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