European & US sessions forecast levels: 1.5485/1.5610
Trend Sessions: European: Neutral/Upward
Market Focus: 8:30 AM Personal Income, Personal Spending, PCE Core Inflation, 9:45 AM Chicago PMI, 10:00 AM Michigan Sentiment-Rev, 2:00 AM German Retail Sales, 5:00 AM CPI Flash Estimate, Italian CPI, EU Unemployment Rate.
Daily Strategy: The dollar gain against the euro for third consecutive day. The recovery was supported by stronger US economic data and the fall of commodities prices. As overall the recovery is not significant and reached the level of 1.5485 a key support form on May 19th. This level is second key level of 61.8% Fibonacci Retracement with lowest level at 1.5284 on May 8th and the high on May 27th at 1.5818. The break below 1.5485 will push the recovery of the dollar to levels of 1.5310 while the chances for reverse are higher.
Set & Forget Signal: Buy at 1.5498 SL 1.5468 TP 1.5595 TLS 35 pips.