Weekly Update
August 2, 2008
The EURUSD was very bearish this week because of all the week economic data that came out of Europe.
Fundamentals
The German Consumer Confidence was much lower than expected coming out at 2.1 apposed to the forecast of 3.5. The German Prelim CPI came out hotter than expected but did not help the EURUSD much. To top all it all of the USD Consumer Confidence Index came out much better than expected, and the Euro Consumer Confidence came out lower than expected pushing the EURUSD down further. The US GDP was lower than expected but better than the previous data and the NFP was better than expected but is still not good for the USD. The Unemployment Rate was worse than expected pushing the EURUSD up after the first drop.
Trading
There is a strong support at 1.5540 – 1.5530. If it makes a clean break of 1.5520 it can easily go to 1.5480 and lower.
There was two longs I took. I entered at 1.5705 and 1.5590. My trades are in drawdown but I will hold them for now. I am expecting to see the EURUSD going to 1.5750-1.5800 next week.
Happy Trading!!!!
Have a great weekend.
Adriaan
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