Fundamentals:  We have a few announcements today which will affect the market.

Coming from Canada we have the “Core Retail Sales”. The previous announcement was 1.0%

And the forecast for today is 0.1%. (12:15  GMT).

A second announcement coming from New Zealand  “GDP q/q” which will be released at 22:45 GMT. The previous announcement was -1.0% and the forecast for today is -0.2%.

EUR/USD

Very interesting trading week for foreign exchange traders
one of the most important pairs to follow is definitely the EUR/USD.

Last few weeks we noted that this pair is moving forward in a clear uptrend, as noted in our weekly and daily charts. Concluding that more people bought the EUR and sold the US dollar, the big Q we all ask will this uptrend continue.

There are 3 possible scenarios:

1. The pair can break its resistance line and continue its uptrend to the next resistance point.

2. The pair can continue to move within its current range.

3. The EUR/USD may change directions and break its support line creating a downtrend for the pair.

For a clearer picture we need to wait for more indicators coming from the US and European session. After the results are in we can get much better understanding to where the market will lead us.

Let’s see how much pips the market move….

Resistances:1.4730 – 1.4765

Supports:1.4670 – 1.4610