DAILY MARKET OUTLOOK Update Time: 29 Jul 2015 01:00 GMT
EUR/USD - 1.1075
Despite euro's retreat from Monday's high of 1.1129 to 1.1022 yesterday, subsequent rebound suggests as long as 1.1019 (previous resistance, now support) holds, consolidation with upside bias remains.
However, break of said temporary high at 1.1129 is needed to signal the rise from last Monday's fresh 12-week trough at 1.0808 to retrace decline from May's peak at 1.1467 has resumed and yield further gain to 1.1160/70, then possibly towards 1.1216.
Below 1.1019/22 would shift risk to downside for further weakness to 1.0968 (50% r of 1.0808-1.1129) but support at 1.0925 should remain intact.
Recommended Content
Editors’ Picks
EUR/USD hovers around 1.0700 after German IFO data
EUR/USD stays in a consolidation phase at around 1.0700 in the European session on Wednesday. Upbeat IFO sentiment data from Germany helps the Euro hold its ground as market focus shifts to US Durable Goods Orders data.
USD/JPY refreshes 34-year high, attacks 155.00 as intervention risks loom
USD/JPY is renewing a multi-decade high, closing in on 155.00. Traders turn cautious on heightened risks of Japan's FX intervention. Broad US Dollar rebound aids the upside in the major. US Durable Goods data are next on tap.
Gold price trades with mild negative bias, manages to hold above $2,300 ahead of US data
Gold price (XAU/USD) edges lower during the early European session on Wednesday, albeit manages to hold its neck above the $2,300 mark and over a two-week low touched the previous day.
Worldcoin looks set for comeback despite Nvidia’s 22% crash Premium
Worldcoin price is in a better position than last week's and shows signs of a potential comeback. This development occurs amid the sharp decline in the valuation of the popular GPU manufacturer Nvidia.
Three fundamentals for the week: US GDP, BoJ and the Fed's favorite inflation gauge stand out Premium
While it is hard to predict when geopolitical news erupts, the level of tension is lower – allowing for key data to have its say. This week's US figures are set to shape the Federal Reserve's decision next week – and the Bank of Japan may struggle to halt the Yen's deterioration.