EURUSD Technical Analysis 2014, 13.07 - 20.07: Ranging Bearish
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newdigital, 2014.07.11 17:53
Forex Weekly Outlook July 14-18The yen managed to gain some ground in a week that saw some fear return to the markets. What’s next for currencies? Public appearances from Yellen, Draghi and Carney, rate decisions in Japan and Canada and plenty of important US figures are the highlights of a busy week. Market movers on our calendar for this week. Here is an outlook on the major events to change Forex trading.
Last week FOMC Meeting Minutes release showed that the Fed is finally moving towards preparing the markets for monetary normalization. The Fed is on course to end QE in October 2014, with a larger tapering of $15 billion. However there wasn’t any clear indication regarding the possible timeline for a rate hike. In the euro-zone, we had a flashback from the dark days of the debt crisis, with fresh worries from Portugal. The pound was capped amid some weak UK data. And both in Australia and in Canada, employment data weighed on the local currencies. Let’s start:
Updates:
- Mario Draghi speaks: Monday, 17:00. ECB President Mario Draghi is expected to testify before the Committee on Economic and Monetary Affairs of the European Parliament, in Strasbourg. He may talk on the ongoing weak inflation, despite the ECB’s recent moves. Volatility is expected, especially if Draghi refers to the exchange rate of the euro and to the probability of QE, a topic which is high on the agenda of policymakers.
- Japan rate decision: Tuesday. The Bank of Japan decided to keep monetary policy unchanged on its June meeting, pledging to increase monetary base at annual pace of 60-70 trillion yen. The central bank noted the economy is progressing at a moderate pace in line with expectations and revised up its outlook on overseas economies in light of a progress in industrial output.
- UK inflation data: Tuesday, 8:30. Inflation in the UK declined in May to a four and a half year low of 1.5%, following 1.8% in posted in April. Lower flight rates and food prices pushed inflation down. Inflation remained below the BOE’s 2% target for the sixth month. However prices still increase faster than average earnings influencing consumer spending. CPI is expected to reach 1.6%.
- Mark Carney speaks: Tuesday, 9:00. BOE Governor Mark Carney will speak about the Financial Stability in London. We have seen his strong influence on markets by talking about a rate hike at first and then saying the comments were his personal views.
- German ZEW Economic Sentiment: Tuesday, 9:00 Investor sentiment continued to decline in June reaching the lowest level in 18 months, down 3.3 points to 29.8. Economists expected the index to reach 35.2. This was the sixth consecutive fall indicating a grim outlook for economic growth unlike the 5.6 points rise to 67.7 for current economic conditions. However the ZEW survey can be volatile. German sentiment is expected to rise to 33.4.
- US retail sales: Tuesday, 12:30. U.S. retail sales gained 0.3% in May, less than the 0.5% rise projected by analysts, following a 0.5% increase in the previous month. However the positive growth trend in the US employment market leaves less room for concern. Meanwhile core sales, excluding autos increased 0.1% in May after a 0.4% increase in the previous month. Retail sales are expected to rise 0.6%.
- Janet Yellen speaks: Tuesday, 14:00. Federal Reserve Chair Janet Yellen will testify before the US Senate in Washington DC. Important issues may be raised such as the final taper decision, inflation situation and rate hike schedule. According to a top Fed watcher in the WSJ, the time may be ripe for Yellen and her colleagues to acknowledge the improvement in the US economy, especially as the Fed’s favorite job figure is clearly on the rise.
- UK employment data: Wednesday: 8:30. The number of people filing claims for unemployment benefits in the U.K dropped more than expected in May, falling by a seasonally adjusted 27,400, while the unemployment rate plunged to 6.6% from 6.8% in April. Analysts expected jobless claims to reach 25,000 and unemployment rate to 6.7%. Meanwhile, the average earnings index edged up by a seasonally adjusted 0.7% in the three months to April, less than the 1.2% increase projected, after rising by 1.9% in the three months to March. The number of Jobless people is expected to decline by 27,100 and the unemployment rate is expected to remain 6.6%
- US PPI : Wednesday, 12:30. Producer prices in the U.S. fell unexpectedly in May by 0.2%, confirming that inflation is mild. Chipper food and gas pushed PPI down after two strong climbs raising hopes for higher inflation figures. In the last 12 months, producer prices increased 2%, in line with the Federal Reserve’s inflation target following 2.1% in April. Core PPI, excluding food and energy products, remained unchanged in May. Producer prices are expected to rise to 0.4%.
- Canadian rate decision: Wednesday, 14:00. The Bank of Canada maintained its overnight rate at 1%. Inflation moved closer to the central bank’s target of 2%. The Canadian economy grew at a modest rate in the first quarter, troubled by by severe weather and supply constraints. However lower Canadian dollar and a rising foreign demand are expected to boost exports. Improved corporate profits, especially in exchange rate-sensitive sectors, should also support higher business investment in the coming quarters. The next change in monetary policy will depend on new information and its influence on the balance of risks. The BOC may be somewhat more dovish after the disappointing employment numbers.
- US Building Permits: Thursday, 12:30. The number of building permits issued in the U.S. declined more-than-expected in May, falling 6.4% to a seasonally adjusted 991,000 units. Analysts expected a rise to 1.07 million units. Meanwhile, housing starts declined 6.5% to a seasonally adjusted 1.001 million units from April’s total of 1.071 million, worse than the 3.7% drop predicted by analysts. The number of building permits is expected to reach 1.04 million this time.
- US Unemployment Claims: Thursday, 12:30. Initial jobless claims fell by 11,000 last week reaching 304,000, well below estimates of a 315,000 rise. The reading brought unemployment claims near to a seven-year low of 298,000. The four-week moving average, fell to 311,500, lower by 3,500 from the unrevised average of 315,000 in the previous week. The number of jobless claims is expected to rise by 310,000.
- US Philly Fed Manufacturing Index: Thursday, 14:00. The manufacturing sector around the Philadelphia region edged up in June, reaching 17.8, above May’s reading of 15.4. Economists expected the survey to reach 14.3. This was the fourth consecutive month in positive territory and the strongest figure since September. New orders expanded by 6 points to 16.8, new shipments increased to 15.5, following 14.2 in May and the employment index also edged up to 11.9, from May’s reading of 7.8. The positive shifts suggest the US manufacturing sector is picking up. The manufacturing sector in the Philadelphia area is expected to decline to 15.6.
- US UoM Consumer Sentiment: Friday, 13:55. U.S. consumer sentiment declined in June to 81.2 down from 81.9 posted in May, but the lower figure does not necessarily suggests a downside trend. Consumers were positive regarding the past six months. Current economic conditions edged up to 95.4 from 94.5 and was below a forecast of 95.7 and consumer expectations declined to 72.2 from 73.7, and missed an expected 74.6. Consumer sentiment is expected to rise to 83.5.
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newdigital, 2014.07.14 14:47
EUR/USD Pinned as EUR/JPY Pivots from June Swing; USD/CAD Emerges
- EURJPY, EURUSD holding ground despite many negative events.
- GBPCHF remains a buy on dips, USDCAD breakout emerges.
- Reminder that July forex seasonals in QE era work against USD.
If there was ever a week that could transpire a series of events flush in Euro negativity, last week failed to live up to the billing. A revival of Euro-Zone debt crisis fears made its way through bond and equity markets, June US labor market data clobbered expectations, and the June FOMC minutes showed a Fed more eager to wind down its QE3 program.
Nevertheless, EURUSD finished higher on the week, highlighting the drag low volatility conditions have placed on meaningful follow through in some of the major currency pairs.
So while we continue to monitor EURJPY and EURUSD as their daily charts highlight sell signals in various indicators, there is a admittedly a lack of momentum. The current rangebound states could be the default setting without a more substantial catalyst.
Elsewhere the two non-EUR pairs we're looking at are GBPCHF and USDCAD. Whereas GBPCHF is experiencing a slight pullback amid the EUR rebound, the nature of the Slow Stochastics and MACD indicators thus far offers no reason to think that the uptrend from mid-March is threatened, as the nature of the indicators and price action is still intact.
See
the video above for a technical discussion on EURJPY, EURUSD, and
GBPCHF, as well as notes on the recent USDCAD buying opportunity at
long-term support.
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newdigital, 2014.07.14 20:46
EUR/USD steady to higher as market preps for Yellen testimony
The euro traded steady to higher against the dollar on Monday in a session void of major U.S. economic indicators as investors remained in standby mode ahead of Federal Reserve Chair Janet Yellen's congressional testimony on Tuesday and Wednesday.
In U.S. trading, EUR/USD was up 0.14% at 1.3626, up from a session low of 1.3592 and off a high of 1.3640.
The pair was likely to find support at 1.3589, Thursday's low, and resistance at 1.3651, Thursday's high.
In the minutes of the Federal Reserve's June policy meeting released last week, the U.S. central bank predicted an October close to its bond-buying stimulus program but did not provide a timetable as to when interest rates may begin to rise afterwards.
Falling U.S. Treasury yields have many guessing the Fed will take its time when it comes to hiking benchmark interest rates to ensure recovery remains on track, which allowed the dollar to slip against the euro on Monday, a day markets prepped for Yellen's testimony before the Senate Banking Committee on Tuesday and the House Financial Services Committee on Wednesday.
Elsewhere, euro zone industrial output numbers that met market expectations boosted the single currency over the greenback.
Eurostat, the statistical office of the European Union, reported earlier that industrial output across the euro area fell by 1.1% in May from April, less than market calls for a 1.2% contraction.
On an annualized basis, industrial production rose by 0.5%, in line with market expectations.
Elsewhere, the euro was up against the pound, with EUR/GBP up 0.29% at 0.7975, and up against the yen, with EUR/JPY up 0.36% at 138.40.
On Tuesday, the ZEW Institute is to release its closely watched report on German economic sentiment, a leading indicator of economic health.
The U.S. is to release data on retail sales, the government measure of consumer spending, which accounts for the majority of overall economic activity. The U.S. is also to release data on import prices, business inventories and manufacturing activity in the New York state.
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newdigital, 2014.07.15 06:40
Strategy Video: Dollar, Pound and S&P 500 Probability vs Impact through Event Risk
- There is a slew of event risk coming out this week including today's Yellen testimony and UK CPI
- Through positioning, the outcomes for these events can provide a very different impact
-
A lower probability but bigger potential would be for a Pound plunge, Dollar rally and S&P 500 collapse
In a dense round of event risk through the immediate future, there are
scenarios where the headlines can prove exceptionally market moving...or
barely tipping the needle. Expectations build up behind certain themes
and markets to minimize the impact of likely outcomes and amplify the
reaction to the less likely. In today's Strategy Video, we revisit this
scenario analysis between 'potential' and 'probability' for Fed
Chairwoman Janet Yellen's testimony, UK CPI and the general lean of a
busy docket against the Dollar, Pound and S&P 500.
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newdigital, 2014.07.15 15:50
2014-07-15 12:30 GMT (or 14:30 MQ MT5 time) | [USD - Retail Sales]
- past data is 0.5%
- forecast data is 0.6%
- actual data is 0.2% according to the latest press release
if actual > forecast = good for currency (for USD in our case)
[USD - Retail Sales] = Change in the total value of sales at the retail level. It's the primary gauge of consumer spending, which accounts for the majority of overall economic activity
==========
U.S. Retail Sales Inch Higher In June But Core Sales Growth Solid
Retail sales in the U.S. rose by much less than expected in the month of June, according to a report released by the Commerce Department on Tuesday, although the report also showed upward revisions to the sales growth in the two previous months.
The Commerce Department said retail sales edged up by 0.2 percent in June compared to economist estimates for an increase of about 0.6 percent.
While the sale growth came in well below estimates, the report also showed that retail sales rose by an upwardly revised 0.5 percent and 0.6 percent in May and April, respectively.
The weaker than expected sales growth in June was partly due to a drop in auto sales, which fell by 0.3 percent after climbing by 0.8 percent in the previous month.
Excluding the drop in auto sales, retail sales rose by 0.4 percent in June, matching the revised increase seen in the previous month. Ex-auto sales had been expected to increase by 0.5 percent.
The report also showed that sales by building materials and supplies dealers pulled back by 1.0 percent in June after rising by 0.6 percent in May.
On the other hand, sales by general merchandise stores jumped by 1.1 percent in June after edging down by 0.1 percent in the previous month.
Notable sales growth was also shown by health and personal care stores, clothing and accessories stores, and non-store retailers.
Closely watched core retail sales, which exclude autos, gasoline, and building materials, increased by a solid 0.6 percent in June after inching up by 0.2 percent in May.
Christoph Balz, an economist at Commerzbank, said, "Don't be misguided by the weak 0.2% increase in U.S. retail sales in June. The offsetting good news is that sales in April and in May rose stronger than previously reported."
"Moreover, even the June figures are more encouraging than they appeared to be at first sight as sales rose by a solid 0.6% in the core business," he added. "All in all, the steady recovery in the labor market increases consumers' willingness and power to spend."
The Commerce Department noted that total retail sales in the month of June were up by 4.3 percent compared to the same month a year ago.
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EURUSD M5 : 15 pips price movement by USD - Retail Sales news event
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newdigital, 2014.07.15 16:43
2014-07-15 14:00 GMT (or 16:00 MQ MT5 time) | [USD - Fed Chair Yellen Testifies]
- past data is n/a
- forecast data is n/a
- actual data is n/a according to the latest press release
[USD - Fed Chair Yellen Testifies] = Due to testify on the Semiannual Monetary Policy Report before the Senate Banking Committee, in Washington DC. As head of the central bank, which controls short term interest rates, she has more influence over the nation's currency value than any other person. Traders scrutinize her public engagements as they are often used to drop subtle clues regarding future monetary policy
==========
4 top takeaways from Fed chair Janet Yellen’s testimony to Senate Banking Committee
YELLEN ON POLICY OUTLOOK
“In sum, since the February Monetary Policy Report, further important progress has been made in restoring the economy to health and in strengthening the financial system. Yet too many Americans remain unemployed, inflation remains below our longer-run objective, and not all of the necessary financial reform initiatives have been completed. The Federal Reserve remains committed to employing all of its resources and tools to achieve its macroeconomic objectives and to foster a stronger and more resilient financial system.”
YELLEN ON LABOR MARKET CONDITIONS
“The FOMC is committed to policies that promote maximum
employment and price stability, consistent with our dual mandate from
the Congress. Given the economic situation that I just described, we
judge that a high degree of monetary policy accommodation remains
appropriate.
Labor force participation appears weaker than one would expect based on
the aging of the population and the level of unemployment. These and
other indications that significant slack remains in labor markets are
corroborated by the continued slow pace of growth in most measures of
hourly compensation.”
YELLEN ON INFLATION
“Consistent with the anticipated further recovery in the labor market, and given that longer-term inflation expectations appear to be well anchored, we expect inflation to move back toward our 2% objective over coming years.”
YELLEN ON ECONOMIC GROWTH
“Although the decline in GDP in the first quarter led to some downgrading of our growth projections for this year, I and other FOMC participants continue to anticipate that economic activity will expand at a moderate pace over the next several years, supported by accommodative monetary policy, a waning drag from fiscal policy, the lagged effects of higher home prices and equity values, and strengthening foreign growth.”
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newdigital, 2014.07.16 08:46
NZ Dollar Falls on CPI Miss, Aussie Dollar Down After China GDP Data
- NZ Dollar Falls on CPI Miss, Aussie Dollar Down After Chinese GDP
- British Pound May Not Find Direction in June’s Jobless Claims Data
- US Dollar Eyes Yellen Testimony for Direction Guidance Once Again
The New Zealand Dollar underperformed in overnight trade, sliding as much as 0.7 percent on average against its leading counterparts. The move followed softer-than-expected CPI figures for the second quarter. The baseline year-on-year inflation rate registered at 1.6 percent, falling short of consensus forecasts calling for a 1.8 percent result. That seemingly undermined RBNZ rate hike expectations, with the slide in the Kiwi tracking a parallel move lower in the New Zealand’s benchmark 10-year bond yield.
The Australian Dollar likewise traded lower, losing as much as 0.24 percent against the majors. Curiously, the move followed an upbeat set of Chinese GDP figures. Output grew 2.0 percent in the second quarter, topping bets calling for a 1.8 percent increase. Supportive Chinese data might have been expected to boost the Aussie considering the East Asian giant is Australia’s top trading partner, meaning firming performance there bodes for the latter country’s pivotal export sector.
The newswires chalked up this apparent disparity to concerns that the Chinese economy’s recovery was unsustainable, suggesting seemingly sharp credit expansion rather than hard growth is behind the rosy headline GDP reading. Fading stimulus expansion bets were likewise cited, with investors apparently worried that the second-quarter data set will discourage further expansionary policy. Needless to say, it is all but impossible to tell with absolute certainty why the markets were unimpressed and the Aussie fell. In any case, we remain short AUDUSD.
June’s UK Jobless Claims figures headline the economic calendar in European hours. Expectations call for a 27,000 drop in new applications for unemployment benefits, which would mark the smallest drawdown in 13 months. Absent a dramatic deviation from expectations, the outcome may pass with little fanfare considering its relatively limited implications for BOE monetary policy bets and thereby for the British Pound. Meanwhile, technical positioning warns GBPUSD may be carving out a top below the 1.72 figure.
The spotlight then shifts to US policy concerns as Fed Chair Janet Yellen testifies before Congress for a second day, this time appearing before the House of Representatives having talked to the Senate yesterday. The central bank chief’s prepared remarks are likely to sound familiar and offer little impetus for volatility. The Q&A session that follows might produce some fireworks if lawmakers manage to squeeze out anything about the likely timing of interest rate hikes however, prompting a response from the US Dollar.
Asia Session
|
GMT |
CCY |
EVENT |
ACT |
EXP |
PREV |
|---|---|---|---|---|---|
|
22:45 |
NZD |
Consumer Prices Index (QoQ) (2Q) |
0.3% |
0.4% |
0.3% |
|
0:30 |
AUD |
Westpac Leading Index (MoM) (JUN) |
0.1% |
- |
0.1% |
|
2:00 |
CNY |
GDP (QoQ) (2Q) |
2.0% |
1.8% |
1.5% |
|
2:00 |
CNY |
GDP (YoY) (2Q) |
7.5% |
7.4% |
7.4% |
|
2:00 |
CNY |
GDP YTD (YoY) (2Q) |
7.4% |
7.4% |
7.4% |
|
2:00 |
CNY |
Retail Sales (YoY) (JUN) |
12.4% |
12.5% |
12.5% |
|
2:00 |
CNY |
Retail Sales YTD (YoY) (JUN) |
12.1% |
12.2% |
12.1% |
|
2:00 |
CNY |
Industrial Production (YoY) (JUN) |
9.2% |
9.0% |
8.8% |
|
2:00 |
CNY |
Industrial Production YTD (YoY) (JUN) |
8.8% |
8.8% |
8.7% |
|
2:00 |
CNY |
Fixed Assets Ex Rural YTD (YoY) (JUN) |
17.3% |
17.2% |
17.2% |
European Session
|
8:30 |
GBP |
Jobless Claims Change (JUN) |
-27.0K |
-27.4K |
High |
|
8:30 |
GBP |
Claimant Count Rate (JUN) |
3.1% |
3.2% |
Medium |
|
8:30 |
GBP |
ILO Unemployment Rate (3Mths) (MAY) |
6.5% |
6.6% |
Medium |
|
8:30 |
GBP |
Employment Change (3M/3M) (MAY) |
243K |
345K |
Low |
|
8:30 |
GBP |
Avg Weekly Earnings (3M/(YoY) (MAY) |
0.5% |
0.7% |
Low |
|
8:30 |
GBP |
Weekly Earnings ex Bonus (3M/(YoY) (MAY) |
0.8% |
0.9% |
Low |
|
9:00 |
EUR |
Euro-Zone Trade Balance (€) (MAY) |
16.5B |
15.7B |
Low |
|
9:00 |
EUR |
Euro-Zone Trade Balance s.a. (€) (MAY) |
16.0B |
15.8B |
Low |
|
9:00 |
CHF |
ZEW Survey (Expectations) (JUL) |
- |
4.8 |
Medium |
Critical Levels
|
EURUSD |
1.3454 |
1.3520 |
1.3544 |
1.3586 |
1.3610 |
1.3652 |
1.3718 |
|
GBPUSD |
1.6868 |
1.7000 |
1.7072 |
1.7132 |
1.7204 |
1.7264 |
1.7396 |
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newdigital, 2014.07.13 16:04
EUR/USD forecast for the week of July 14, 2014, Technical AnalysisThe EUR/USD pair tried to rally during the course of the week, but as you can see gave back quite a bit of the gains in order to form a shooting star. Nonetheless, the market seems to be stuck between the 1.35 level as support, and the 1.37 level as resistance. The resistance above should extend all the way from 1.37 to the 1.3750 level. Ultimately though, if we can break out of that range, we should continue to make a longer-term move. If it’s to the upside, we go to the 1.40 level, but to the downside below the 1.35 level, we would head to the 1.33 region.
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newdigital, 2014.07.17 11:50
2014-07-17 09:00 GMT (or 11:00 MQ MT5 time) | [EUR - CPI]
- past data is 0.7%
- forecast data is 0.8%
- actual data is 0.8% according to the latest press release
if actual > forecast = good for currency (for EUR in our case)
[EUR - CPI] = Change in the price of goods and services purchased by consumers, excluding food, energy, alcohol, and tobacco.
==========
Eurozone June Inflation Stable At 0.5%
Eurozone inflation held steady at 0.5 percent as initially estimated in June, final data from Eurostat showed Thursday.
Month-on-month, prices gained only 0.1 percent.
Headline inflation continues to remain below the European Central Bank's target of 'below, but close to 2 percent'.
Core inflation that excludes energy, food, alcohol and tobacco, rose marginally to 0.8 percent in June from 0.7 percent in May. The final figure matched the flash estimate released on June 30.
Cost of services and energy advanced 1.3 percent and 0.1 percent, respectively. Meanwhile, food, alcohol and tobacco prices dropped 0.2 percent and non-energy industrial goods prices were down 0.1 percent.
Inflation in European Union was 0.7 percent, up from 0.6 percent in May.
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EURUSD M5 : 8 pips price movement by EUR - CPI news event
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newdigital, 2014.07.17 14:04
Trading Video: EURUSD Back to 1.3500, Dow Closes at a Record High
- A second day of Yellen testimony didn't bring surprise, but it did seem to foster a USD and risk rebound
- Between a firmer dollar and easing of Euro-area fears, EURUSD has ended the day at key support: 1.3500
- Despite heavy event risk which offered clear favor to the pound, GBPUSD refused to progress beyond 1.7200
Despite a mix of data that offered a distinct favor for the sterling,
GBPUSD failed to overtake 1.7200. Meanwhile, a more mixed picture for
EURUSD wouldn't keep it from pulling into 1.3500. Both majors are at key
technical levels that no doubt have FX traders projecting serious trend
developments, but the analysis isn't adding up favorably. Scheduled
event risk, underlying fundamental themes, general volatility conditions
are not solidifying into the same mold that technicals alone seem to
take. With a number of great looking technical opportunities on hand, we
discuss the bigger picture for these trade setups in today's Trading
Video.
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D1 price is ranging between 1.3699 resistance and 1.3575 support levels within primary bearish market condition.
H4 price is on flat within primary bearish; Chinkou Span line of Ichimoku indicator is very near to be crossed with historical price for possible breakdown.
If D1 price will break 1.3575 support level together with Chinkou Span line crossing the price from above to below on close D1 bar so we may see good breakdown within primary bearish.If not so we may see ranging market condition to be continuing.
UPCOMING EVENTS (high/medium impacted news events which may be affected on EURUSD price movement for this coming week)
2014-07-14 09:00 GMT (or 11:00 MQ MT5 time) | [EUR - Industrial Production]
2014-07-14 17:00 GMT (or 19:00 MQ MT5 time) | [EUR - ECB President Draghi Speaks]
2014-07-15 09:00 GMT (or 11:00 MQ MT5 time) | [EUR - German ZEW Economic Sentiment]
2014-07-15 12:30 GMT (or 14:30 MQ MT5 time) | [USD - Retail Sales]
2014-07-15 14:00 GMT (or 16:00 MQ MT5 time) | [USD - Fed Chair Yellen Testifies]
2014-07-16 02:00 GMT (or 04:00 MQ MT5 time) | [CNY - GDP]
2014-07-16 09:00 GMT (or 11:00 MQ MT5 time) | [EUR - Trade Balance]
2014-07-16 12:30 GMT (or 14:30 MQ MT5 time) | [USD - PPI]
2014-07-16 13:00 GMT (or 15:00 MQ MT5 time) | [USD - TIC Long-Term Purchases]
2014-07-16 14:00 GMT (or 16:00 MQ MT5 time) | [USD - Fed Chair Yellen Testifies]
2014-07-16 16:00 GMT (or 18:00 MQ MT5 time) | [USD - FOMC Member Fisher Speech]
2014-07-17 09:00 GMT (or 11:00 MQ MT5 time) | [EUR - CPI]
2014-07-17 12:30 GMT (or 14:30 MQ MT5 time) | [USD - Building Permits]
2014-07-17 14:00 GMT (or 16:00 MQ MT5 time) | [USD - Philly Fed Manufacturing Index]
2014-07-18 13:55 GMT (or 15:55 MQ MT5 time) | [USD - UoM Consumer Sentiment]
Please note : some US (and CNY) high/medium impacted news events (incl speeches) are also affected on EURUSD price movement
SUMMARY : bearish
TREND : ranging
Intraday Chart