Headlines the Economic Calendar on Friday
1. Watch Out For Eurozone CPI Inflation
The Eurozone CPI inflation will be closely followed by traders today. On the year-on-year basis, the Eurozone CPI is expected to remain stable at 2.1%. A higher than expected reading will support the single currency.
2. Canada Inflation Data is in focus
The Canada CPI is expected to come out at 0.1% m/m and y/y inflation is expected to stay at 2.5% in July. On the other hand, Core CPI is expected to remain stable at 1.3%. A higher than expected reading should be taken as positive for the Canadian Dollar.
3. US Michigan Consumer Sentiment
US Michigan Consumer Sentiment for August will be another important release of today. The Index is expected to rise slightly to 98.1 in August from 97.9 the previous number.
Technical Analysis
EUR/USD: The Euro stayed tall versus the US Dollar and the EUR/USD pair is now trading above the daily support level of 1.1367. As long as the price sustains above 1.1367, on a daily basis, the rise may continue and we will face resistance levels at 1.1410 and 1.1446. On the other hand, if the pair drops below 1.1367, the next support level is holding at 1.1315
Support: 1.1367 - 1.1315 – 1.1262
Resistance: 1.1410 - 1.1446 – 1.1484
GBP/USD: The GBP/USD pair moved up above the daily level of 1.2712. As long as the price stays above 1.2712, on a daily basis, the upward movement may continue and we will see 1.2812 as a resistance level. Although, if the price pulls back below 1.2712 again, the next support level will be at 1.2624.
Support: 1.2712 – 1.2624 – 1.2494
Resistance: 1.2845 –1.2873 - 1.2961
GOLD: The Gold Price pulled back again below the daily level of 1177. As long as the price stays below 1177, on a daily basis, the selling pressure may continue and we will face 1140 as a major support level. On the other hand, if the price moves up above 1177, the next resistance level will be at 1197.
Support: 1140 – 1101 - 1054
Resistance: 1177 - 1197 – 1207
BRENT OIL: The Brent Oil Price is currently trading above the daily support level of 71.25. As long as the price stay above 71.25, on a daily basis, the upward movement may continue and we will see 72.22 as a resistance level. On the other hand, if the price drops below 71.25, the next support level can be found at 70.31
Support: 71.25 – 70.31 – 69.11
Resistance: 72.22 – 73.13 – 74.35