On the EURUSD, tt only happens that the rallies gave opportunities to sell short in the context of a downtrend. The next support line to be tested again is the one at 1.2950 (it was once tested recently).
Heavy bearish and 1.27 on the way
EurUsd on the oversold supports: is Draghi going to spoil July 4[SUP]th[/SUP] to the Dollar?
Whether what is happening would be a false breakout or a sustained bullish outbreak will be indicated with the time. Until then, one might need to sit on the fence.
I prefer eurusd too. Most of my trades are the pairs.
I like the fluctuations, which is almost influenced by the market itself.
I hope to share ideas with you.
After all today was a fence sitting day
In this algo trading there will be no big movements. If it continues like this we are going to have what we had for quite some time with EURCHF (not that flat, but almost)
EUR/USD pushes higher ahead of Bernanke
The euro pushed higher against the dollar on Tuesday as investors positioned ahead of testimony to Congress by Federal Reserve Chairman Ben Bernanke on Wednesday.
EUR/USD hit 1.3096 during late Asian trade, the session high; the pair subsequently consolidated at 1.3082, rising 0.16%.
The pair was likely to find support at 1.2998, Friday’s low and resistance at 1.3150, the high of June 25.
Market participants were looking to Bernanke's testimony on monetary policy amid speculation over the timing of a possible reduction to the bank’s USD85 billion-a-month bond buying program.
The dollar fell sharply last week after Bernanke said the U.S. economy still needed monetary stimulus.
Data on Monday showing that U.S. retail sales rose less-than-expected June fuelled fears over a slowdown in the economic recovery.
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Now we are going to have worse than expected German data and then US CPI will "correct" it all I love this summer trading
Euro zone CPI holds steady at 1.6% in June
Consumer price inflation in the euro zone held steady in June, unchanged from a preliminary estimate, official data showed on Tuesday.
In a report, Eurostat said consumer price inflation held steady at a seasonally adjusted 1.6% in June, unchanged from an initial estimate and in line with expectations.
The rate remains below the European Central Bank's target of near but just below 2%.
Month-over-month, consumer price inflation rose 0.1% last month, in line with expectations.
Core CPI, which excludes food, energy, alcohol, and tobacco costs held steady at a seasonally adjusted 1.2% in June, in line with expectations and unchanged from a preliminary estimate.
Following the release of that data, the euro was little changed against the U.S. dollar, with EUR/USD easing down 0.03% to trade at 1.3058.
Meanwhile, European stock markets were mixed. The EURO STOXX 50 fell 0.5%, France’s CAC 40 dipped 0.5%, Germany's DAX declined 0.4%, while London’s FTSE 100 eased up 0.1%.
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