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On Monday, Retail Sales in the Eurozone in June dropped 0.5% vs. forecast for -0.6% and a 1.1% growth in May. US ISM Non-Manufacturing in July was 56.0 vs. expectations for 53.2. As the result, the euro dropped 26 points.
Today at 12:00 UTC+4 Industrial Production in Italy, forecast 0.5% vs. 0.1%. At 13:00 UTC+4 Italy’s GDP preliminary in the second quarter, forecast -0.4% vs. -0.6%. At 14:00 UTC+4 Germany’s Factory Orders in June, forecast 1.1% vs. -1.3% in May. At 16:30 UTC+4 US Trade Balance in June is issued, forecast -$43.1 billion vs. -$45.0 billion in May.
As the result the European and US data will be in balance.
From the technical point of view, the euro is in the range 1.3232-1.3300. If the rate breaks the upper boarder, it directs the price to the resistance of Kruzenshtern trend line on the H4 1.3335; the break of the lower boarder opens the target 1.3200, support of blue trend line on the H4. All the indicators are in neutral position. The investors are waiting for the news pertaining to Barack Obama’s speech to Congress.
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