EUR/USD: Daily Technical Analysis For July 23, 2014

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The greenback gained strength over the Euro after upbeat U.S. home sales data lent support to the U.S dollar and markets continued to monitor developments in Ukraine and the Middle East. The National Association of Realtors said that existing home sales increased 2.6% to 5.04 million units last month from 4.91 million in May. Analysts had expected existing home sales to rise 2% to 4.97 million units in June. The data came after the U.S. Department of Labor said that consumer prices rose by 0.3% last month, meeting estimates, after rising 0.4% in May. Consumer prices, excluding food and energy costs, inched up 0.1% last month, compared to expectations for a 0.2% gain. Core consumer prices rose 0.3% in May.


Elsewhere, the euro remained under pressure after recent comments by ECB President Mario Draghi were seen as the latest sign that the bank is open to further monetary easing measures to stave off the risk of deflation in the euro area. In contrast, Federal Reserve Chair Janet Yellen indicated last week that interest rates may rise sooner if the recovery in the labor market continued. With this fundamental reports, we have a strong U.S dollar and a weak Euro in play.


Intra-day bias remains on the downside as 21 and 55 Ema’s signals bearish continuation in the pair. Also MACD and SSRC oscillators are showing signs of more decline, a break of 1.34578 supports will bring more decline to 1.34000 weekly support.




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