EUR Trading Outlook (29-07-2011)

The Euro (EUR) concerns about the EU debt crisis continue to remain close to the surface with concern overnight after weak Italy bonds. German Unemployment fell 11k in July vs. -13k previously. The major found support under 1.4300. The EUR/USD traded with a low of 1.4253 and a high of 1.4401 before closing the day around 1.4320 in the New York session. Looking ahead, July Inflation forecast at 2.7%.June German Retail Sales forecast at 1.6% vs. -2.8%.

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