EUR/USD (a 4-hour chart)
Markit Economics has presented the France and the Germany manufacturing sectors business climate data. The France industrial sector business climate will amount 49.6 in July, the Germany industrial sector business climate will amount 51.5.
There is the production orders growth in both economies amid the euro devaluation which increases the products competiveness abroad.
The euro is still correcting relative to the US dollar, breaking through the resistance level of 1.0925 upwards. The pair is consolidating above this level.
The price is finding the first support at 1.0925, the next one is 1.0790. The price is finding the first resistance at 1.1050, the next one is at 1.1150.
The price is in the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Golden Cross”.
The MACD indicator is in a positive territory. The price is consolidating.
We believe the growth will be continued now. The first target is the level 1.1050. The next targets are the levels of 1.1150, 1.1260.