July 7th – 11th
EURUSD pair closed last week’s trading session higher after a choppy and tide range trading week. US employment numbers came out better than expectations with the unemployment rate down by 0.1%. The better than expected unemployment rated boosted expectation for FED’s interest rate cuts in August, although the US dollar reaction was limited.
As for this week, traders and investors will mainly focus on the US-EU tariff negotiations. FOMC minutes is due to be released on Wednesday. No interest rate change is expected at this meeting although the projections for August will have impact on the pair. The light economic calendar will keep the pair trading within same range. Traders and investors will mainly focus on technical levels before entering any new positions.
On the economic calendar we have on Monday, the European retail sales pointing lower by -0.8% On Friday, German Harmonized index of consumer prices to remain unchanged at 2%
Technically the picture is positive after last week’s close above (23.6%) at 1.1774 In this week’s trading session if pair trades on the upside will test 1.1835 A break out and close above 1,1835 will open the road for 1.1900 If trades on the downside will test 1.1649 (23.6%) A break and close below 1.1649 will add downside pressure and test 1.1532 Our traders are standing with short positions starting between 1.1263 and 1.1749 targeting profits at 1.1263 we are expecting more aggressive short positions on the way up and new long positions at 1.1336
GBPUSD pair closed last week’s trading session lower on better than expected US employment number and downbeat US unemployment rate. The employment number helped the US Dollar to gather some traction and push the pair lower. On the other hand, GBP traded lower after dovish comments from BOE’s Bailey.
As for this week, traders and investors will mainly focus on technical levels. The lack of any high impact US and UK economic releases, will let the pair trade within same tide range US-EU tariff negotiations will be the only catalyst behind US dollar action this week.
On the economic calendar we have on Friday, the UK gross domestic product and manufacturing production.
Technically the pair’s overall picture is positive after last week’s close above (23.6%) at 1.3643 As for this week, if pair trades on the upside, will test 1.3753 A break and close above 1.3753 will open the road for 1.3800 Alternative, if trades on the downside, will test 1.3530 (23.6%) A break and close below 1.3530 will open the road for 1.3372 Our traders are standing with short positions between 1.3305 – 1.3762 targeting profits at 1.3300 we are expecting more aggressive short positions on the way up and new long positions starting at 1.3370 (38.2%)
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