EUR/USD overview for July 06, 2015

6 July, 2015

General overview

The US labor market release as a whole can be considered positive. The unemployment rate fell to the level of 5.3%, the lowest level since May 2008. In the private sector created more than 200 thousand. new jobs during the second quarter, indicating a strong economic growth.

The May retail sales index in the euro zone increased by 0.2%. The forecasted growth was 0.1%.

The most important euro/dollar event is new negotiations between Athens and the creditors are held on July 6, immediately after the national referendum.

The support level of 1.1050 stopped the euro decrease in the short term.

The price is finding the first support at 1.1050, the next one is 1.0925. The price is finding the first resistance at 1.1150, the next one is at 1.1260.

There is a confirmed and a weak sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show an upward movement and form a “Dead Cross”. The downward movement will be until the price is under the Cloud.

The MACD indicator is in a negative territory. The price is consolidating.

Trading recommendations

The downward movement will be continued. The pair may go to 1.1050 soon. After this level breakthrough down the way to the supports 1.0925, 1.0790 will be opened.

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