On European economic data, EURUSD breaks triangle on the daily forex dance floor. Here is what’s up and what you should be looking at.
Germany’s Producer Price Index will be out first thing during the London session at 6 AM GMT followed by Euro zone’s Current Account at 8 AM.
UK’s Claimant Count Rate for June is scheduled for 8:30 AM. Switzerland’s ZEW Survey Expectations for July at 9 AM.
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China’s Conference Board Leading Economic Index is scheduled for 1 PM GMT. And Euro zone’s preliminary Consumer Confidence for July will be out at 2 PM.
Later New Zealand will release their Visitor Arrivals at 10:45 PM GMT to end the trading day.
EURUSD Breaks Triangle – Technical Analysis
After breaking below the Ichimoku cloud and the important pivot of 1.11, the EUR/USD pair now seems to have confirmed a break below a triangle pattern which could be a third bearish signal for long-term forex traders.
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Our first target is set at 1.0860 while we could very well see a decline towards 1.06 in the coming months as Brexit weighs on the EU. Resistance levels are set at 1.13 and 1.15 as a part of a larger consolidation on the monthly EUR/USD chart.
Meanwhile we had some economic data posted during the Asian session which is still weighing on major crosses:
Australia’s MI leading index – It showed a 0.2% decline for June, lower than the 0.2% uptick we saw in May. Mr. Aussie seems to be in trouble on the news.
Slight recovery in oil prices – Oil prices saw small gains following its slide from earlier this week. However USD/CAD is still moving up pretty strong
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