EUR/USD is currently trading with a bearish bias. Yesterday, Euro dropped sharply but
could not close below 1.1073. The level 1.1073 is a key short term support level and will
require a bit of bearish pressure to break below. But as long as the level protects the lower
side we expect a possible bullish rebound from this level to go long with an ideal target at
1.111 and 1.1159. This pair should be traded alongside AUD/USD, GBP/USD, NZD/USD and
EUR/HKD. These pairs have a strong positive correlation of up to +0.93 and will have a
similar price action during this intraday.
The pound fell to fresh one-month lows against the U.S. dollar on Tuesday, after the release
of downbeat U.K. manufacturing data added to concerns over the strength of the
British economy.GBP/USD hit 1.2968 during European morning trade, the pair’s lowest
since July 11; the pair subsequently consolidated at 1.2978, declining 0.47%.Cable was
likely to find support at 1.2848, the low of July 11 and resistance at 1.3178, the high of August
5.The U.K. Office for National Statistics said manufacturing production decreased by
0.3% in June, worse than expectations for a decline of 0.2% and following a drop of 0.6% a
month earlier that was revised down from an initial 0.5% decrease.On an annualized basis,
manufacturing production rose 0.9% in June, worse than forecasts for a 1.3% increase.
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