EURUSD rose yesterday and closed at 1.3379. The German Trade Balance came out at 15.7 billion Euro in June. The European Central Bank lowered its growth forecast for the Eurozone as the currency union struggles to escape a recession. ECB also stated that it will maintain the interest rates at 0.5 percent for extended period of time. On the other side of the ocean the Unemployment Claims in the United States rose slightly from the previous week coming out at 333K. In a release today the French Industrial Production recorded a drop of 1.4 percent month over month in June. Support for the EURUSD is seen at 1.3328 and resistance is seen at 1.3394. The HotForex Traders Board shows that 78 percent of the traders are short on the EURUSD.
GBPUSD
The Cable rose yesterday and closed at 1.5535. The pair pushed higher after the speculation about possible interest rates raise came on the market following the comments of the Governor of Bank of England Mark Carney showing his commitment to bring down the inflation to 2.0 percent. The Trade Balance data released from the United Kingdom today came out better than the market expectation reaching -8.1 billion Sterling in June. Support for the GBPUSD is seen at 1.5445 and resistance is seen at 1.5564. The HotForex Traders Board shows that 63 percent of the traders are short on the GBPUSD.
EURUSD rose on positive German Trade Balance data. Employment data from Canada on tap.
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