Not much has changed on the technical outlook. The euro experienced a correction within its recent upward trend but recovered its losses towards the end of the day. As long as the currency remains comfortable above 1.11, the upward trend is intact. Prices below 1.1080 may indicate increasing signs of euro-weakness.
German and Eurozone Gross Domestic Product reports are scheduled for release today, which could have a significant impact on the euro. The euro could revive its recent strength if numbers beat expectations.
The pound Sterling traded – how could it be any different – sideways. None of our entries was triggered yesterday.
We might see increasing momentum with the release of U.K. and U.S. Consumer Prices and the Federal Reserve Minutes next week.
We gained a nice weekly profit, so today we will save our profits and do not invest too much.
Important reports to watch today (timezone GMT):
6:00 EUR German GDP
8:30 UK Construction Output
9:00 EUR Eurozone GDP
9:00 EUR Eurozone Consumer Prices
13:15 USA Industrial & Manufacturing Production
14:00 USA Michigan Confidence
We wish you a beautiful weekend!
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