EUR/USD. Forecast for June 28, 2013
June 28, 2013 9:30 amVideo
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Published on Thursday data was positive for the market. Weak auction of Italian 10-year yields, which dropped 7 basis points to 4.49%, was leveled by increased Eurozone Retail PMI in June (49.1 vs. 46.8 in May). Data on US Initial Jobless Claims was almost in line with forecast, figures of US Personal Spending were better, 0.5% vs. forecast for 0.2%. US Pending Home Sales in May was better than expected 6.7% vs. 1.1%. At the same time the New York Fed president William C. Dudley delivered his speech. He managed to share his opinion that it is too early to cut QE3. As the result S&P 500 grew 0.61%, the euro, 27 points.
Today at 10:00 GMT+4 data on Retail Sales in Germany in May is published, forecast 0.4% vs. -0.4% in April. At 10:45 GMT+4 data on Consumer Spending in France is issued, forecast 0.0% vs. -0.3% in April. At 17:45 GMT+4 Chicago Purchasing Managers Index in June is revealed, forecast 55.5 vs. 58.7 in May. At 17:55 US Consumer Confidence Index in June in final estimate is published; forecast 83.1 vs. 82.7. Thus, there are prerequisites for continuation of rising correction.
From the technical point of view, if the testing resistance of trend line on the daily and H4 charts 1.3084, we expect the price at the first target 1.3114, the level of Fibonacci 38.2%; the second target is 1.3138, resistance of trend line on the H4.
The material has been provided by InstaForex Company – www.instaforex.com
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