hello traders,
Home sales in the secondary market in June was slightly lower than in May - 5.08 to 5.14 million per year. The market consensus was at 5.25 million, so the reading may appear to be quite a disappointment. Not at all, after the publication of the data, there were comments that it was good data, because the Fed did not reduce the QE in September.
The joy, however, the market may be premature. Omitting reading for May, the data are the best from the autumn of 2009. House prices continue rising close to double-digit levels a year (9.6% in June). It is hard to talk about weak data.
Today, is shown value of the Richmond Fed index. It was in July of -11 points., Which is the lowest published since January this year. The market consensus was founded reading of 7 points. to 8 points. a month earlier.
After weak data from the U.S. market and ignoring weak data from the European Union began to move upward in the EUR/USD pair.
I prepared very exclusive analysis of possible scenarios. The trend is retained and also the only one of the scenarios (chart1) shows that not descend below 1.2754. The scenario, which according to me the least probable one.
your opinions are welcome :)
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| chart 1, EUR/USD, D1, 23-07-2013 |
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| chart 2, EUR/USD, D1 23-07-2013 |
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| chart 3, EUR/USD, D1, 23-07-2013 |
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| chart 4, EUR/USD, D1, 23-07-2013 |
regards,
oscarjp
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