During yesterday’s trading session EUR/USD traded within the range of 1.3513-1.3540 and closed at 1.3519.
At 6:22 GMT today EUR/USD was losing 0.03% for the day to trade at 1.3522. The pair touched a daily low at 1.3516 at 00:00 GMT.
Fundamental view
Euro zone
Euro zones non-seasonally adjusted current account may have narrowed to 16.2 billion EUR in May, from 18.7 billion EUR in the previous month.
At the same time, the surplus on Euro zone’s seasonally adjusted current account probably widened to 24.3 billion EUR in May, according to the median estimate of experts. In April the surplus figure was 21.5 billion EUR. The official data is to be released at 8:00 GMT.
The seasonally-adjusted current account is considered a more reliable indicator as it is not affected by short-term fluctuations (trend, economic fluctuations, seasonal fluctuations, calendar effects, residual or irregular fluctuations).
The European Central Bank will release an official report at 8:00 GMT. In case the seasonally-adjusted current account widened more than expected, this would provide a boost to the euro.
United States
The monthly survey by Thomson Reuters and the University of Michigan may show that the preliminary reading of the US consumer confidence improved to 83.0 this month from a final reading of 82.5 during June. The survey encompasses about 500 respondents throughout the country. The index is comprised by two major components, a gauge of current conditions and a gauge of expectations. The current conditions index is based on the answers to two standard questions, while the index of expectations is based on three standard questions. All five questions have an equal weight in determining the value of the overall index.
In case the gauge of consumer sentiment showed a larger improvement than projected, this would boost demand for the dollar. The official reading is due out at 13:55 GMT.
Technical view
According to Binary Tribune’s daily analysis, in case EUR/USD manages to breach the first resistance level at 1.3535, it will probably continue up to test 1.3551. In case the second key resistance is broken, the pair will probably attempt to advance to 1.3562.
If EUR/USD manages to breach the first key support at 1.3508, it will probably continue to slide and test 1.3497. With this second key support broken, the movement to the downside will probably continue to 1.3481.
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