EURO (EUR) – The Euro weakened to a 3-week low against the U.S. dollar amid fears that the global economic recovery is losing momentum. The pair has been trading downwards since last week and trading far below the 10 moving average on the daily chart. Therefore, the momentum is strongly bearish and the next support on the one hour chart is located at 1.2750 levels. Overall, EUR/USD traded with a low of 1.2749 and with a high of 1.2906. Today, CPI is expected to remain at 1.7%. EUR/USD – Last: 1.2777
British Pound (GBP) – The Pound continued to decline for the first week since July 9 versus the Dollar after the Bank of England said U.K. economic growth will probably peak at a 3 percent annual pace, instead of the 3.6 percent rate forecast in May. The GBP/USD has been on a clear downward trend in the last few days of Forex Trading. The next support on the daily chart is 1.5500, the price trading below the 10 moving average on the daily chart, which supports a downward trend as well. Overall, GBP/USD traded with a low of 1.5572 and with a high of 1.5679. No economic data expected today. GBP/USD - Last: 1.5573
Japanese Yen (JPY) –The Yen weakened from a 15-year high against the dollar and fell versus the euro after Japanese officials said they’re closely watching the rise of the currency, fueling concern its surge in strength may be capped. GDP came out better than expected at 2.2% vs. 1.3% forecast. As long the USD\JPY is trading below 87.0 levels, a short position is preferred and the momentum is clearly bearish. The next support is located at 84.60, and the 20 moving average supports a downward trend, as well. Overall, USD/JPY traded with a low of 85.56 and with a high of 86.37. No economic data is expected today. USD/JPY-Last: 85.80
Canadian dollar (CAD) – The Canadian Dollar declined against the US Dollar for the first week in a month as stocks and commodities tumbled, amid economic data pointing to a slowing recovery in the U.S. - the nation’s largest source of trade. As long as the USD/CAD is below 1.0500 levels, a short position is preferred. The next support on the one hour chart is located at 1.0350 and the next resistance is located at 1.0500 levels. Overall, USD/CAD traded with a low of 1.0350 and with a high of 1.0439. No economic data is expected today. USD/CAD - Last: 1.0417