Yesterday the market was flat. Probably investors are waiting for the data on U.S. GDP which is published on Wednesday. A report on January 30 may show GDP expanded at a 1.2% annual pace in Q4 2012.
Today at 11:00 GMT+4 In Germany GfK Consumer Confidence Survey is published. It is expected to be 5.8 against 5.6 in December. At 18:00 GMT+4 data on S&P/Case-Shiller Home Price Indices in November is published, forecast for 5.5% vs. 4.3% in October. At 19:00 GMT+4 the Conference Board Consumer Confidence in the USA in January, forecast for 64.8 vs. 65.1 in the previous month. Data can be defined as neutral. However, if investors are intended to sell, then current data will not be taken into account.
From the technical point of view sells look more preferable. It is suggested by a double divergence which continues its formation on the daily chart and consolidation of the price under a blue trendline on the H4. The first bearish target is 1.3410, the confluence of the Krusenshtern trendline (blue sliding) with the trendline on the H4. The second target is 1.3355, support on the H4.
If the price consolidates under1.3478, the Friday’s high, then targets 1.3495 and 1.3530 open.
