Yesterday we saw the continuation of the week’s speculation. Amid strong data on Industrial Production in the eurozone in April which grew 0.4% vs. forecast for -0.2%, the euro was falling under the pressure of more relevant factors. They were as follows: the strike of the air traffic controllers, floods in Germany (it was preliminary estimated the economic cost could be as high as 12 billion euros), and protests in Turkey. However, when the US session was opened, the euro was bought.
Technically, the price has reached a considerable trend line on the daily chart (1.3369), having worked 290-point range of trend lines. In the review published June 7 we supposed that the price would be trading in this range until the Fed’s meeting scheduled on June 19, we follow the scenario. Today at 16:30 GMT+4 US Retail Sales in May are published, they are expected to be strong and the dollar may strengthen. US Core Retail Sales are estimated to be 0.3% vs. -0.2% in April, US Retail Sales are expected to be 0.4% vs. 0.1% in April. At 21:00 GMT+4 US government plans to sell 30-year bonds.
Technically, bearish targets are depicted by local lows on the H4, the first target is 1.3320, the second target is1.3265, and the third target is 1.3230, the level of Fibonacci 50% on the H4.
The material has been provided by InstaForex Company – www.instaforex.com
Yesterday we saw the continuation of the week’s speculation. Amid strong data on Industrial Production in the eurozone in April which grew 0.4% vs. forecast for -0.2%, the euro was falling under the pressure of more relevant factors. They were as follows: the strike of the air traffic controllers, floods in Germany (it was preliminary estimated the economic cost could be as high as 12 billion euros), and protests in Turkey. However, when the US session was opened, the euro was bought.
Technically, the price has reached a considerable trend line on the daily chart (1.3369), having worked 290-point range of trend lines. In the review published June 7 we supposed that the price would be trading in this range until the Fed’s meeting scheduled on June 19, we follow the scenario. Today at 16:30 GMT+4 US Retail Sales in May are published, they are expected to be strong and the dollar may strengthen. US Core Retail Sales are estimated to be 0.3% vs. -0.2% in April, US Retail Sales are expected to be 0.4% vs. 0.1% in April. At 21:00 GMT+4 US government plans to sell 30-year bonds.
Technically, bearish targets are depicted by local lows on the H4, the first target is 1.3320, the second target is1.3265, and the third target is 1.3230, the level of Fibonacci 50% on the H4.
The material has been provided by InstaForex Company – www.instaforex.com
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