EURUSD Intra-Day Technical Analysis - ranging for correction

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Sergey Golubev, 2015.07.28 16:34

Buying the dollar correction before Thursday and selling EUR/USD if it pushes any higher' (based on efxnews article)

Societe Generale made some prediction concerning EUR/USD based on fundamental analysis:

• "The overall picture is sufficiently blurred that month-end flows and pre-FOMC position-squaring will probably dominate. The 10-year EU/US yield spread is range-bound and the 2-year rate spread is back up over the last couple of days, both very consistent with the EUR/USD bounce, and doing absolutely nothing to suggest the range will break without new developments."
• "No-one (us included) expects much from the FOMC statement tomorrow other than affirming data-dependence, so we’ll have to wait for the GDP data Thursday (expect a strong 3.3% growth rate)."
• "The overall pattern of the news in the next three days supports the idea of buying the dollar correction before Thursday and selling EUR/USD if it pushes any higher."

it is not very clear but the right.

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Sergey Golubev, 2015.07.29 11:58

Credit Agricole - 'The Fed in our view is unlikely to pre-commit to a September rate hike at today’s meeting' (based on efxnews article)

• "The Fed in our view is unlikely to pre-commit to a September rate hike at today’s meeting. Instead, it is more likely to remain data dependent, noting a cautiously upbeat assessment of progress on its dual mandate. Indeed, its statement will likely reflect the strength of the labour market, indicating the absorption of slack and the tentative signs of wage pressure."
• "Any shift in the FOMC’s statement will likely drive the FX market’s response."
• "The biggest losers will likely remain commodity currencies and those with large external imbalances."
• "We think any pullback will be short-lived, especially given that markets still have plenty of data to digests before the September meeting."