Forex report

EUR/USD

EURUSD initially tried to rally during the course of the session on Monday, but turned right back around to form a shooting star. That being the case, the market looks as if we’re going to try to grind lower. However, there is quite a bit of support below and noise of course, so having said that it’s likely that the sellers will get involved, but the noise will make trading this market quite difficult. On the other hand, a break above the top of the shooting star for the session on Monday would be very bullish.

GBP/USD

GBPUSD initially tried to rally during the course of the session on Monday, and then turn right back around for most of the day and formed a shooting star. Ultimately, breakdown below the bottom of the shooting star could send this market lower, but there is quite a bit of noise just below. If we break the top the candle though, we could go back towards the 1.47 area again. If we do break down, expect quite a bit of choppiness all the way down to the 1.41 level below.

Forex Report

Data Update for 10^th May 2016

Date	Time	Currency	Impact	Particular	Forecast	Previous
Tue May 10	4:31am	GBP		BRC Retail Sales Monitor y/y		-0.70%
	7:00am	CNY	Medium	CPI y/y	2.30%	2.30%
		CNY	Medium	PPI y/y	-3.80%	-4.30%
	9:15am	JPY		10-y Bond Auction		-0.07|3.9
	11:15am	CHF		Unemployment Rate	3.50%	3.50%
	11:30am	EUR		German Industrial Production m/m	-0.20%	-0.50%
		EUR		German Trade Balance	20.4B	19.8B
	12:15pm	EUR		French Gov Budget Balance		-25.6B
		EUR		French Industrial Production m/m	0.60%	-1.00%
	12:45pm	USD	Medium	FOMC Member Dudley Speaks
	1:30pm	EUR		Italian Industrial Production m/m	0.30%	-0.60%
	2:00pm	GBP	Medium	Goods Trade Balance	-11.2B	-12.0B
	3:30pm	USD		NFIB Small Business Index	93.2	92.6
	7:30pm	USD	Medium	JOLTS Job Openings	5.55M	5.45M
		USD		Wholesale Inventories m/m	0.20%	-0.50%