The EUR/USD pair grows due to a record USD fall and is currently trading near the level of 1.1890.
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Gold prices are showing moderate gains again in trading in today's Asian session, recovering from the correctional decline the day before.
The pair may fall.
On the daily chart, the third wave of the higher level (3) develops, within which the wave 1 of (3) forms. Now, the fifth wave of the lower level v of 1 is developing, within which the wave (iii) of v is forming. If the assumption is correct, the pair will fall to the levels of 0.8950–0.8800. In this scenario, critical stop loss level is 0.9212.
The pair may grow.
On the 4-hour chart, the first wave of the higher level (1) of C develops, within which the fifth wave 5 of (1) forms. Now, the development of the third wave of the lower level iii of 5 is ending, within which the wave (v) of iii has formed. If the assumption is correct, after the end of the correction iv of 5, the pair will grow to the levels of 0.7300–0.7400. In this scenario, critical stop loss level is 0.7061.
German Retail Sales data for June is due at 08:00 (GMT+2). Retail Sales measures the change in the total value of inflation-adjusted sales at the retail level, excluding automobiles and gas stations. It is the primary indicator of consumer spending, which influences the GDP. It is expected that on a monthly basis the indicator will decline from 13.9% to –3.3%, and on an annualized basis it may decline from 3.8% to 3.0%. The implementation of the forecast can put pressure on EUR.
Chinese Manufacturing PMI data for July is due at 03:00 (GMT+2). The indicator is compiled from the enterprises responses about their purchasing activities and supply situations. At the same time, the attitude of purchasing managers to the current economic situation and prospects for its further development is evaluated. The index is expected to decline from 50.9 to 50.7 points, but will remain in the growth zone.
At 01:50 (GMT+2), the data on industrial production for June will be published in Japan. Industrial Production gauges the change in the total inflation-adjusted value of output manufacturers, quarries, and utilities produced. The indicator takes into account the manufacturing and mining industries, as well as the power industry. Production is expected to rise by 1.2% in June after a serious 8.9% contraction in May. If the forecast proves correct, it can support JPY.