Euro unchanged through 1.5500 in early European trading as Oil fell below the key $120 per barrel level and European sales were negative at -0.6% in June. A brief rally after the FOMC held at 2.00% was quickly reversed with Euro hovering at day lows for the remainder of the US session. Looking ahead for German Industrial Orders for June forecast 0.4%. Sterling fell in sympathy with the Euro in the face of broad based USD strength. June PMI services were slightly better than expected at 47.4 .June Industrial Production weakened -0.2%.
Tech View:
EURO chart pattern the currency to have an consolidation for the day. trading range is expected between 1.5440-1.5510 for the day. currency has its support at 1.5390 levels and resistance at 1.5525 levels for the day. Stochastic gives the clue for slight upward correction yet needs more confirmation from the market movement.
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