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  • Combine some modest Dollar strength pre-FOMC and a slide from the Sterling after its run of data and $GBPUSD looks like it is tempting fate on a head-and-shoulders pattern. Dubious of follow through until tomorrow though https://t.co/jofJwvwwEu
  • Heads Up:🇺🇸 Industrial Production MoM (MAY) due at 13:15 GMT (15min) Expected: 0.6% Previous: 0.7% https://www.dailyfx.com/economic-calendar#2021-06-15
  • Heads Up:🇺🇸 Industrial Production YoY (MAY) due at 13:15 GMT (15min) Previous: 16.5% https://www.dailyfx.com/economic-calendar#2021-06-15
  • Semiconductor shortage? Outrageous lumber prices? Used cars? Those narratives are all in the data: - Motor vehicles & parts -3.7% - Furniture & home furniture stores -2.1% - Electronics & appliance stores -3.4% - Building materials -6.9%
  • May US retail sales miss expectations at -1.3% vs -0.7% exp (m/m). Core misses as well, -0.7% vs +0.4% exp. But a look beneath the hood tells a familiar story: supply chain constraints have lifted prices, so consumers are spending less.
  • 🇺🇸 PPI MoM (MAY) Actual: 0.8% Expected: 0.6% Previous: 0.6% https://www.dailyfx.com/economic-calendar#2021-06-15
  • 🇺🇸 Retail Sales Ex Autos MoM (MAY) Actual: -0.7% Expected: 0.2% Previous: 0% https://www.dailyfx.com/economic-calendar#2021-06-15
  • 🇺🇸 Retail Sales MoM (MAY) Actual: -1.3% Expected: -0.8% Previous: 0.9% https://www.dailyfx.com/economic-calendar#2021-06-15
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/xJJnXsP6RX
  • IG Client Sentiment Update: Our data shows the vast majority of traders in USD/CHF are long at 74.05%, while traders in France 40 are at opposite extremes with 79.65%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/uo87CsYt4z
EUR/USD Classical Technical Report 03.08

EUR/USD Classical Technical Report 03.08

Joel Kruger, Technical Strategist
eur_techs_body_eur.png, EUR/USD Classical Technical Report 03.08

EUR/USD: Setbacks have been supported for now by the 50-day SMA and top of the Ichimoku cloud and the market seems to be content on some sideways consolidation before making any clear directional move. The key levels to watch above and below come in by 1.3225 and 1.3095 respectively, and we will need to see a break and close above or below either for an indication of where this market could be headed over the short-term. A close above 1.3225 will reintroduce the possibility for additional gains towards 1.3500, while a close back under 1.3095 will open deeper setbacks towards next key support at 1.2975 further down.

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

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