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EUR/USD: Looking To Get Short For 1.0750

EUR/USD: Looking To Get Short For 1.0750

GROWTHACES.COM Forex Trading Strategies Taken Positions EUR/CHF: long at 1.0380, target 1.0580, stop-loss moved to 1.0380, risk factor ** AUD/NZD: long at 1.1220, target 1.1470, stop-loss 1.1120, risk factor * Pending Orders EUR/USD: sell at 1.0930, target 1.0750, stop-loss 1.1015, risk factor * USD/JPY: buy at 123.40, target 125.80, stop-loss 122.60, risk factor * USD/CHF: buy at 0.9540, target 0.9700, stop-loss 0.9485, risk factor * USD/CAD: buy at 1.2860, target 1.3055, stop-loss 1.2790, risk factor * AUD/USD: sell at 0.7450, target 0.7250, stop-loss 0.7530, risk factor * NZD/USD: sell at 0.6620, target 0.6400, stop-loss 0.6710, risk factor * EUR/GBP: sell at 0.7025, target 0.6905, stop-loss 0.7070, risk factor ** GBP/JPY: buy at 192.20, target 195.00, stop-loss 191.30, risk factor **

EUR/USD: Looking To Get Short For 1.0750 (sell at 1.0930)

  • The University of Michigan’s preliminary July reading on the overall index on US consumer sentiment came in at 93.3, down from a final reading of 96.1 in June. It was below the median forecast of 96.1. The survey’s barometer of current economic conditions fell to 106.0 from 108.9 in June but was above a forecast of 97.2. The survey’s gauge of consumer expectations slipped to 85.2 from 87.8 from the prior month’s final reading and was below an expected 87.0.
  • US housing starts increased 9.8% mom to a seasonally adjusted annual pace of 1.17 million units. May’s starts were revised up to a 1.07 million-unit rate from the previously reported 1.04 million-unit pace. Permits for future home construction increased 7.4% mom to a 1.34 million-unit rate, the highest level since July 2007. Let’s remind that a survey on Thursday showed builders’ confidence held at a more than nine-and-a-half-year high in July
  • US CPI inflation amounted to 0.3% mom and 0.1% yoy in June vs. 0.0% yoy in May. The reading was in line with expectations. Core CPI amounted to 0.2% mom and 1.8% yoy, as expected.
  • Greek finance ministry officials said Greece has initiated the process for the payment of 4.2 EUR billion in principal and interest to the ECB due on Monday and EUR 2.05 billion to the IMF that has been in arrears since June 30. It is also repaying a EUR 500 million loan to the Greek central bank. The country secured a EUR 7.16 billion bridge financing from the European Financial Stability Mechanism (EFSM) last week.
  • The EUR/USD reached a new trend low at 1.0821 during Asian session. The recovery was limited to 1.0865. We have lowered our offer to 1.0930. The target of our short would be at 1.0750, just above the support level at 1.0744 (76.4% of 1.0521-1.1468 rise).

EUR/USD Forex Daily Chart

Significant technical analysis’ levels: Resistance: 1.0907 (high Jul 17), 1.0916 (low Jul 7), 1.0963 (high Jul 16) Support: 1.0819 (low May 27), 1.0785 (low Apr 24), 1.0744 (76.4% of 1.0521-1.1468)

USD/CAD: Canadian CPI In Line With Expectations (buy at 1.2860)

  • June Canadian CPI came in at 1.0% yoy as expected, a tick higher the 0.9% reading in May. On a yoy basis weaker energy prices continue to have a dampening effect on headline CPI. The energy index decreased 9.0% yoy in June, following an 11.8% decline in May (-13.5% April). The rise in the CPI being led by higher prices for food (by 3.4% yoy).
  • Core CPI for June came in at 2.3%, a tick better than expected and May and April’s reading (2.2%).
  • Canadian inflation is high in relation to other core markets, but the central bank still sees the need to ease its policy. That is why the USD/CAD did not react to a little bit firmer core CPI. We still expect the USD/CAD to go up, especially in the short term, on perging monetary policies.

USD/CAD Forex Daily Chart

Significant technical analysis’ levels: Resistance: 1.3007 (high Jul 17), 1.3010 (high Mar 10, 2009), 1.3066 (high Mar 9, 2009) Support: 1.2953 (session low Jul 20), 1.2946 (low Jul 17), 1.2905 (low Jul 16)Source: Growth Aces Forex Trading Strategies

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