Yesterday data on Trade Balance in the eurozone in April was weak and it did not allow the euro to develop downward movement. Trade Balance was 16.1 billion euros vs. expectations for 21.3 billion euros.
Today at 10:00 GMT+4 the ECB President Mario Draghi speaks. However, his speech will not touch upon monetary policy. At 13:00 GMT+4 ZEW Survey (Economic Sentiment) in the eurozone and ZEW Economic Sentiment in Germany are published. German’s index is expected to be 38.2 vs. 36.4 in the previous month, the eurozone’s index is estimated at 29.4 vs. 27.6 in May.
At 16:30 relevant data on the US is published. Core CPI in May is expected to be 0.2% vs. 0.1% in April, CPI is expected to be 0.1% vs. -0.4% in April. Housing Starts are expected to be 0.95 million (annual) vs. 0.85 million in April. Building Permits are estimated to be 0.98 million vs. 1.01 million in April.
Technically, the price has been under the boarder of the relevant trend line on the daily chart for four days. Tomorrow the Fed’s decision on monetary program, forecast for economic development, and Ben Bernanke’s speech. We suppose that today the markets will not be active. Any movement will be considered to be speculative. If the testing level 1.3380 is broken, the price may move higher to 1.3424. The move lower 1.3318, which on the H4 corresponds to overcoming of indicator lines, opens the first bearish target 1.3278.
The material has been provided by InstaForex Company – www.instaforex.com
Yesterday data on Trade Balance in the eurozone in April was weak and it did not allow the euro to develop downward movement. Trade Balance was 16.1 billion euros vs. expectations for 21.3 billion euros.
Today at 10:00 GMT+4 the ECB President Mario Draghi speaks. However, his speech will not touch upon monetary policy. At 13:00 GMT+4 ZEW Survey (Economic Sentiment) in the eurozone and ZEW Economic Sentiment in Germany are published. German’s index is expected to be 38.2 vs. 36.4 in the previous month, the eurozone’s index is estimated at 29.4 vs. 27.6 in May.
At 16:30 relevant data on the US is published. Core CPI in May is expected to be 0.2% vs. 0.1% in April, CPI is expected to be 0.1% vs. -0.4% in April. Housing Starts are expected to be 0.95 million (annual) vs. 0.85 million in April. Building Permits are estimated to be 0.98 million vs. 1.01 million in April.
Technically, the price has been under the boarder of the relevant trend line on the daily chart for four days. Tomorrow the Fed’s decision on monetary program, forecast for economic development, and Ben Bernanke’s speech. We suppose that today the markets will not be active. Any movement will be considered to be speculative. If the testing level 1.3380 is broken, the price may move higher to 1.3424. The move lower 1.3318, which on the H4 corresponds to overcoming of indicator lines, opens the first bearish target 1.3278.
The material has been provided by InstaForex Company – www.instaforex.com
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