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Daily economic digest from Forex.ee
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Friday, August 12th


GBP/USD

Current price: 1,2954 (0.0%)
Session range: Open 1.2956 High 1.2979 Low 1.2944
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 1.2880 R. 1.3064
Main drivers: US PPI, US Retail Sales
Overview: Pound has recovered smile against its American counterpart this morning lifting the pair to daily maximums near the level of 1.2980 as renewed broad based risk appetite is hitting up demand for risky assets such as GBP. However, the possibility of further BoE’s monetary policy easing continues weighing the pair.

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Monday, August 15th

EUR/USD

Current price: 1.1167 (0.0%)
Session range: Open 1.1169 High 1.1177 Low 1.1153
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 1.1081 R. 1.1261
Main drivers: NY Empire State Manufacturing Index
Overview: After relatively volatile session witnessed last Friday investors have decided to take a breather leaving the pair in deadly flat 10 pips narrow range at the beginning of this week. Looking ahead nothing important is scheduled in data calendar for the pair leaving it to the mercy of global market’s sentiment.

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Tuesday, August 16th

EUR/USD

Current price: 1.1241 (0.5%)
Session range: Open 1.1183 High 1.1250 Low 1.1177
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: High
Support and resistance levels: S. 1.1129 R. 1.1264
Main drivers: German ZEW Economic Sentiment, EU ZEW Economic Sentiment, US Building Permits, US Core CPI
Overview: Today the major is refreshing its two-month highs last seen since “Brexit” vote. The pair is accelerating its upsurge momentum this morning breaking through the level of 1.1200 in early Europe ahead of ZEW Economic Sentiment Survey’s from German and Euroland. The expectations that German ZEW Economic Sentiment will recover to 1.8 after sharp drop of 6.8 are forcing the Euro to move higher against US currency reaching the level of 1.1250.

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Wednesday, August 17th

EUR/USD

Current price: 1.1264 (0.1%)
Session range: Open 1.1279 High 1.1291 Low 1.1255
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 1.1114 R. 1.1404
Main drivers: FOMC Meeting Minutes
Overview: Today euro is consolidating part of its massive gains after extreme rally witnessed day before. Currently the pair is hovering in the region of 1.1260 retreating from two-month highs posted at 1.1323 as traders are performing profit-taking actions lately breathing in fresh positive tone to US currency.


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Thursday, August 18th

GBP/USD

Current price: 1.3118 (0.6%)
Session range: Open 1.3042 High 1.3132 Low 1.3035
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 1.2920 R. 1.3204
Main drivers: UK Retail Sales, Philadelphia Fed Manufacturing Index
Overview: The sterling has failed to keep its positions against US currency after dovish FOMC Meeting Minutes as fresh risk-aversion sentiments are limiting pair’s upward momentum forcing the pair to step down from its daily highs. However, in light of broad based US dollar’s weakness the pair will keep its bullish tone during this day.
.

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Tuesday, August 23rd

EUR/USD

Current price: 1.1339 (0.2%)
Session range: Open 1.1320 High 1.1356 Low 1.1312
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: High
Support and resistance levels: S. 1.1247 R. 1.1367
Main drivers: US New Home Sales
Overview: Today the pair continues its bullish momentum witnessed since the beginning of this week bouncing off yesterday’s low marked at 1.1271 spot as ahead of upcoming Fed Chair J.Yellen’s speech that brings cautious sentiment across the market. Moreover, today the pair has received additional upside momentum from positive preliminary German Manufacturing PMI sending euro to the mid-level of 1.13.


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Wednesday, August 24th

EUR/USD

Current price: 1.1295 (0.1%)
Session range: Open 1.1305 High 1.1313 Low 1.1287
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: High
Support and resistance levels: S. 1.1268 R. 1.1374
Main drivers: US Existing Home Sales
Overview: The pair continues its downside move for the second session in a row ignoring neutral German quarter GDP data that has reached estimations at 0.4%. The single currency is losing the pace against its American counterpart on the back of renewed bid tone around the greenback that is pushing the pair higher this Wednesday. Moreover, expectations of the upcoming Fed Chair J.Yellen’s speech that most probably will shed the light on further Fed rate-hike are also playing into the hands of dollar lately.

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Thursday, August 25th

EUR/USD

Current price: 1.1269 (0.0%)
Session range: Open 1.1264 High 1.1280 Low 1.1258
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 1.1207 R. 1.1339
Main drivers: US Core Durable Goods Orders, US Initial Jobless Claims
Overview: Currently the pair is retreating from its daily highs marked at the level of 1.1280 after poor data of German Ifo Business Climate Index released in early Europe. However, the euro is still keeping its positive mood against its American counterpart facing support near the level of 1.1270. Furthermore, today traders will stay cautious limiting pair’s rally in front of main event of this week Federal Reserve Chairwoman Janet Yellen’s speech at the summer economic Symposium, held in Jackson Hole.

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Friday, August 26th

EUR/USD

Current price: 1.1287 (0.0%)
Session range: Open 1.1285 High 1.1310 Low 1.1278
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 1.1242 R. 1.1318
Main drivers: US prelim. GDP, Fed Chair J.Yellen Speech
Overview: Today the pair is showing very low volatility as markets are frozen in front of main risky event of this week - J.Yellen’s speech. Currently market participants are refraining from opening new positions as J.Yellen’s speech at the economic Symposium, held in Jackson Hole expectedly will provide massive rally today in NY session. Markets are expecting that Fed Chairwoman will shed the light on broadly exciting question of this year - Fed rate-hike. Amid data light calendar from Euroland and lack of momentum the euro/dollar pair will get some correlative sentiment from crosses with pound as Britain will announce preliminary GDP report today.


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Monday, August 29th

EUR/USD

Current price: 1.1185 (-0.1%)
Session range: Open 1.1178 High 1.1209 Low 1.1172
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 1.1077 R. 1.1397
Main drivers: US Core PCE Price Index, US Personal Spending
Overview: The Euro is trying to fight back part of its positions against its American counterpart this morning testing the level of 1.1200 after major slide down to 1.1179 spot. However, the markets are still digesting Friday’s hawkish J.Yellen’s speech thereby fueling dollar bulls and leaving the pair under pressure. Moreover, today UK markets are closed due to Bank Holiday taking away part of volatility across the market.

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