Free Forex Signals for 07.14.2015
EURUSD, Daily EURUSD at current levels does not seem to have a clear trend within my daily chart observations. The pair looks to be heading back to recent lows, after briefly touching the 1.1216 recovery attempt on the back of what the market thought was a positive development on the Greek debt solution. The fact the pair managed to break the physiological 1.10 level may also point to bearish momentum building up, thus raising fears of a further downward price extension past the 1.0920’s and possible opening up the 1.0840’s in the short term. The fact that the Eurogroup still has to secure bridge financing for Greece ,a process that may take up to four weeks, will cast some doubts over the markets if Greece would be able to deliver upcoming repayments to the ECM and the IMF? Uncertainty will prevail for position traders while the market timers will rely on the technical price indicators, as the battle between the buyers and sellers for control of the pair continues. Inside the ECB, Mr. Coene, a representative to the Supervisory Board said “Grexit would not have been a better solution “, “In the first phase , a Grexit would without a doubt be more painful.” However , he did add that the Greek economy would recover more quickly. Looking back at the Argentina bankruptcy, having the ability to print your way out may be easier for the Greek government to bring the economy back on track. Greece staying within the Eurozone is more political than financial , not only for Greek politicians, but also for key forces within the Eurozone. The latest USD data to report on are that U.S. Wholesale inventories increased by 0.8% in May after rising by 0.4% in April. Wholesale sales rose by 0.3% in May after surging up by 1.7% in April. Later on today we have the USD Core Retails Sales due out.
Currency Pairs, Grouped Performance (% change) The new Currency Movers Charts show the percentage change from previous day’s close to the current moment against the other major currencies. This morning EUR is trading higher while JPY is down again as the need for safe haven dissipates. Other currencies’ performance remains soft against the USD and without strong directional bias. USCAD has rallied to a resistance at 127.98 while GBPJPY battles for continued upward momentum. Across the board money seems to be moving in the CHF indicating traders are moving back into safe haven positions.
Main Macro Events Today
• U.K. CPI dipped to 0.0% in June from +0.1% y/y, the inflation rate still remains above April’s cycle low of -0.1% y/y.
• U.S. Core Retail Sales data out later today forecast calls for a decrease of 0.7% below the previous 1.0% numbers
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
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