The pair managed to move higher, but rejected at the higher levels again. It closed below 100Dsma.
ZEW indicator of economic sentiment inGermany slightly declined in July 2015. It decreased by 1.8 points compared to the previous month and now stands at the level of 29.7.
Besides, US retail sales data unexpectedly fell down 0.3%. May’s numbers were revised little bit down.
Trend- The weekly resistance is seen at 1.1035, 1.1095, and 1.1125. Until the pair closes below 1.1125 use every rise to sell towards 1.0720 and even 1.0500. Earlier, the pair made a double top at 1.1465 and at 1.1225 is a new cap. We are pesimistic about the longer-term forecast.
Intraday- The pair was rejected at 100Dsma (1.1020) again at today’s Asian session.The intraday support is found at 1.0990 and 1.0970. Strong selling emerges below 1.0890 towards 1.0850 initially. Later, it is likely to expand a bearish wave towards 1.0720. Intraday resistance is seen at 1.1020, 1.1050, and 1.1085. The selling trade is available with sl 1.1025 targets at 1.0970, 1.0950, 1.0920, and 1.0890. If a bounce takes place, use rises to sell with sl 1.1070 during a day.
The material has been provided by InstaForex Company – www.instaforex.com