Daily Market Review - 07/15/2014

EUR/USD

The chart now suggests an upward trend. An immediate resistance is at 1.3648. Support is at 1.3578. If resistance is taken, the next goal on the upside will be 1.3695.

USD/JPY

The pair continues its gradual and stable ascent. Now it is quite evident, that it hasn’t been short correction of the downward trend, but another rally. So the outlook is bullish with resistance at 102.25.

GBP/USD

The Pound is still down. The correction of the upward trend has been going on with strong up and down fluctuations. There might be some support above 1.7000, which will be able to stop the decline.

Market Overview

Week data don’t seem to worry the Euro too much. The main currency pair managed to appreciate before afternoon on Monday before the release of statistics on industrial production in Europe in May. After the release the asset had a correction, so apparently there were not too many reasons for optimism regarding the pair.

May industrial production in the region has decreased by 1.1%, while the month has become with the second failure in a row for the index.

The forecast has been much more optimistic, and it implies that the production will grow 0.3% monthly.

Components of the report demonstrate that manufacturing of products has dropped to 2% on average for categories of long and short term consumption. Production of capital products has dropped by 0.5%.

In other words there are not too many reasons for optimism, but “bulls” are holding ground at around 1.3620.

Today there is an abundance of market events. Among them there are BOJ press conference, BoE announcement, and Fed Chair Yellen Speech. It is quite a remarkable coincidence. Besides speeches there are a few important triggers for the Euro, the Pound, and the Dollar. So the day promises to be rather exciting.

Economic Calendar

The post Daily Market Review – 7/15/2014 appeared first on Citrades.