The major Monday’s news, US Existing Home Sales in June, was negative; sales were 5.08 million vs. expectations for 5.27 million. Data on May was revised downwardly from 5.18 million to 5.14 million. Goldman Sachs has immediately downgraded US economic outlook in the second quarter from 0.8% to 0.7%. The euro grew 43 points.
Today at 18:00 UTC+4 Consumer Confidence in the Eurozone in June is published; forecast -18 vs. -19 in May. At 18:00 UTC+4 Richmond Fed Manufacturing Index in July is issued; forecast 7 against 8 in June.
From the technical point of view, when the pair overcomes the testing level of 1.3217, bullish target 1.3253/58 opens. It is the high of June 21, the level of Fibonacci 76.4% on the daily chart. If data is weak and the price consolidates under the high of July 17, the price moves to the first bearish target 1.3143. The second target is 1.3102, the high of June 28.
