A data eventful day with the Euro and Greenback. The dollar dropped to 32-month lows against the other major currencies today, after the release of downbeat data and as remarks by European Central Bank President Mario Draghi sent the euro broadly higher.

Euro Economic Events Overview: -NET BULLISH
German industrial Production Previous: -1.1% current: 0.0% (Bullish)
French Exports Previous: -2.10B current: -4.20B
French Imports Previous: 39.1B current: 39.3B
French Trade balance Previous: -49B current:-6.0B
Spanish 10 Year Obligation Previous: 1.267% current: 1.540%
Spanish 15 Year obligation Previous: 1.925% current: 2.170%
Spanish 5 Year Obligation Previous: 0.233% current: 0.213%
French 10 Year OAT Auction Previous: 0.75% current: 0.67%
EURO GDP (YoY)(Q2) Previous: 0.6% current: 0.6%
Deposit facility rate Previous: -0.40% current:-0.4%
ECB interest rate decision Previous:0.00% current: 0.00%
ECB Press Conference

US Economic Events Overview: -NET BEARISH
Continuing jobless claims Previous: 1.945K Current: 1.940K
Initial jobless claims Previous: 236K Current: 298K
Non farm productivity (QoQ)(Q2)Previous: 0.9% Current: 1.5%
Unit Labour costs (QoQ)(Q2) Previous:0.6% Current: 0.2%
Bloomberg Consumer Confidence Previous: 55.3% Current: 52.4%
IBD/TIPP Economic Optimism Previous: 52.2% Current: 53.4%
Natural Gas Storage Previous: 30B Current: 65B
Crude oil Inventories Previous: -5.3392M Current: 4.580M
Crude Oil Imports Previous: -0.851M Current: -0.0797M
Distilute Fuel Production Previous: -0.036M Current: -0.563M
EIA Distilute Stocks Previous: 0.748M Current: -1.396M
Gasoline Production Previous: 0.036M Current: -1.085M
Heating Oil Stock piles Previous: 0.129M Current 0.471M
Gasoline Inventories Previous: 0.035M Current: -3.199M

Daily Chart

Market is bullish, price is currently bullish, with an oversold stochastic, touching the psychological level 1.20500. I am awaiting a price retracement to 1.20000 to go long at Monthly M3, until price hits the Monthly Target (R2) at 1.22000 where I will take profit.

Source: MT4

H4 Chart

Price has been ranging for the past two weeks on this time frame, and has managed to break through resistance (WM3) today after the ECB Press Conference. 21 and 55 EMA's and Stochastic facing upwards, indicating a more bullish trend.

Source: MT4

H1 Chart

Market is particularly bullish on the last 8 candles of this time frame, I have used fib to check the previous higher low to higher high, and am expecting price to retrace to the 38.2 fib retracement level, with a target of 161.8 Fib extension, capturing a beautiful 3100 pips.

Source: MT4

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