EURUSD under pressure intraday
On Thursday, Initial Jobless Claims for the week ending August 29th are expected to decline to 950K, from 1,006K in the previous week. Continuing Claims for the week ending August 22nd are also expected to fall to 14,000K, from 14,535K in the week before. Finally, the Trade Deficit for July is anticipated to rise to 58.0 billion dollars on month, from 50.7 billion dollars in June.
The Euro was bearish against all of its major pairs. In Europe, the European Commission has posted July PPI at +0.6% (vs +0.5% expected). The German Federal Statistical Office has reported July retail sales at -0.9% on month (vs +0.5% expected). In the U.K., the Nationwide Building Society has released its House Price Index for August at +2.0% (vs +0.5% on month expected).
The Australian dollar was bearish against all of its major pairs.
The EUR/USD dropped 58 pips to 1.1854 on Wednesday making it the largest mover of the day. The EUR/USD is in a consolidation between 1.2015 and 1.1695. The RSI is indicating a bearish divergence as it is capped by a declining trendline while the pair consolidates.
Source: GAIN Capital, TradingView
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