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EUR/USD trading signal - Germany retail sales - 25 Jun 2018

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Signal details
Entry Price: 
1.1610
Close Price: 
No Trade
Direction: 
High
Expiry Time: 
21:00 GMT
How we trade
5/5 of 7 ratings

The markets open to a quiet trading day with not much of major market moving events lined up for the day. Amid the slow day, data from the United States stands out. The new home sales report is expected to be released at 15:00 GMT, it covers the number of single family unit homes sold during the perriod. The data will cover the month of May.

According to the economists polled, new home sales are expected to rise 665k, slightly higher from 662k registered the month before. In percentage terms, new home sales are forecast to rise 0.5% on the month. This would mark a modest rebound following a 1.5% decline that was registered the month before.

The U.S. housing market data is volatile and the numbers can vary from month to month basis. Recent reports from the housing sector showed a mixed picture. While pending home sales fell, housing starts which measures the number of construction work in the housing sector rose to a multi-year high.

The housing markets remain a key factor considering that the U.S. Federal Reserve has been hiking interest rates. This could lead to higher mortgage rates that could dent the amount of work done in the housing sector. However, with wage growth seen rising steadily the prospects are positive.

Based on the above, today's trading signal is EURUSD, the shared currency has managed to maintain some of the gains and we expect to see further upside taking place. We expect the EURUSD to make an intraday retracement ahead of closing higher on the day.

eurusd trading signal 25 jun 2018

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.