From a data perspective, the Eurozone did not release any relevant macroeconomic data, while the US released several data before the opening of the Wall Street session. Initial jobless claims for the week ending June 14 rose by 238,000, worse than the 235,000 expected. At the same time, building permits fell 3.8% month over month in May, while new construction projects fell 5.5%. Finally, the Philadelphia Fed’s production index stood at 1.3 in June, down from the previous 4.5 and worse than the expected 5. During the session, the European Commission will release the preliminary estimate of the consumer confidence index for June.
Technical Analysis and Euro Dollar Forecasts
From a technical point of view, fiber has room to start recovering lower. Positioning below the 1.0764 yearly level suggests that the rate could start to move lower once the bears manage to close below 1.0740, with the key 1.0700 level and the 1.0643 yearly level representing the two main SHORT targets.
Conversely, a close above 1.0740 would allow the bulls to attempt to attack the yearly level of 1.0764 again, exceeding which it would turn sentiment positive. Furthermore, a close above this yearly level would allow euro-dollar bulls to first reach the key 1.0800 level and then the yearly level 1.0862.
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