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EUR/USD Analysis Forecast For 9 June 2015

EUR/USD Fundamental Analysis Forecast For 9 June 2015

The EUR/USD added 45 points after strong German trade numbers helped it reverse earlier losses against the greenback. The euro is trading at 1.1159. Traders are still nervously watching events in Europe after Greece tied up a deal to delay its latest debt repayments. While the delay gives Athens until the end of the month to reach an agreement with its creditors as it looks to reform its bailout terms, the euro retreated against the dollar and yen on concerns that stumbling blocks remain.

Fund head Christine Lagarde also called on the Federal Reserve to refrain from hiking interest rates until 2016, saying conditions were not supportive of a move this year. Her comments come as markets await the release Friday of US jobs growth for May, which is used by the Fed to guide rate policy.

The US jobs report revealed that during the previous month the US economy added 280k jobs beating analysts’ expectations while the average hourly earnings also printed in a better than expected fashion at a 0.3% growth rate. It goes without saying that this news excited traders than didn’t miss out on the opportunity to get rid of their previous anti-Dollar positions and pile on the US currency. The European majors posted significant losses and we believe that this could be a turning point for their outlook.

EUR/USD technical Analysis Forecast For 9 June 2015

eurusd forecast 9 june

After a critical week, especially the NFp data from US, EUR/USD fell down towards USD Index. In the first day of this week, EUR/USD has a low volatility and currently moving near 1.11 levels. Today will be a calm day according to macro economical data around.

As we analyse today, 1.1190 level is important for day traders. As seen on chart, the upper level of down trend in 1Hrs chart will show the short term behaviour of EUR/USD today. If it stays below this trend line, bearish pressure would get stronger during the day. If so, 1.1045 would be the first target. At that time traders would think about 1.1005 – 1.0958 levels. The first resistance level before 1.1190 is 1.1135.

EUR/USD Support And resistance Levels For 9 June 2015

Pivot : 1.1190

Resistance : 1.1080-1.1045-1.1005

Support: 1.1135-1.1190-1.1230

 

Today’s economic releases actual vs. forecast:

Cur.   Event Actual Forecast Previous
Australia – Queen’s Birthday
  JPY Adjusted Current Account 1.27T 1.45T 2.07T
  JPY Current Account (Apr) 1.326T 1.696T 2.795T
  JPY GDP (YoY) (Q1) 3.9% 2.7% 2.4%
  JPY GDP (QoQ) (Q1) 1.0% 0.7% 0.6%
  CNY Exports (YoY) (May) -2.5% -5.0% -6.4%
  CNY Imports (YoY) (May) -17.6% -10.7% -16.2%
  CNY Trade Balance (May) 59.49B 44.95B 34.13B
  EUR German Industrial Production 0.9% 0.5% -0.4%
  EUR German Trade Balance (Apr) 22.3B 19.4B 19.4B

Upcoming Economic Events that you should be monitoring in trading forex for EUR/USD:

Tuesday, June 09, 2015

Cur. Event Actual Forecast Previous
  GBP BRC Retail Sales Monitor (YoY) -2.4%  
  AUD Home Loans (MoM) (Apr) -2.0% 1.6%  
  AUD NAB Business Confidence (May) 3  
  CNY CPI (MoM) (May) -0.2%  
  CNY CPI (YoY) (May) 1.3% 1.5%  
  CNY PPI (YoY) (May) -4.5% -4.6%  
  CHF Unemployment Rate n.s.a. 3.3%  
  CHF CPI (MoM) (May) 0.1% -0.2%  
  GBP Trade Balance (Apr) -9.85B -10.12B  
  GBP Trade Balance Non-EU (Apr) -3.00B -3.16B  
  EUR GDP (YoY) (Q1) 1.0% 1.0%  
  EUR GDP (QoQ) (Q1) 0.4% 0.4%  
  USD JOLTs Job Openings (Apr) 4.994M

Government Bond Auctions

Date Time Country

Jun 09 11:10 Austria Holds RAGB bond sale

Jun 09 11:30 UK Auctions 0.125% 2024 I/L Gilt

Jun 10 11:15 Norway Holds bond auction

Jun 10 11:30 Germany Eur 5bn Jun 2017 Schatz

Jun 10 16:30 Sweden Details bond auction on 17 June

Jun 11 11:30 Spain Auctions Bonos

Jun 11 11:10 Italy Auctions BTPs/CCTeus

Jun 11 11:10 Sweden Holds inflation-linked bond auction

Jun 11 11:30 UK Auctions 3.5% 2045 Conventional Gilt

Jun 11 17:00 US Announces details of 30-year TIPs sale on 18 Jun

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