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Put Options Still Preferable for EURUSD As Bears Gain Strength -

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    • Put Options Still Preferable for EURUSD As Bears Gain Strength
Aug, 19th 05:21

In the UK, inflation surged 0.1% in July 2015 compared to July 2014, but declined 0.2% monthly basis, against expectations of a 0.3% fall. The core reading yearly basis reached 1.2%, the highest in five months, a government report said yesterday.

At the same time, the UK released its PPI figures, still negative due to falling oil prices. The stronger-than-expected figures support the “sooner” rate hike MPC members have been talking about lately, making of the currency a more attractive investment, with the Pound outperforming its rivals all across the board.

US Housing Starts for July climbed to 1.206M, the highest level in almost eight years. Building permits came out at 1.119M, slightly below expected, but remain near multi-years highs, suggesting the US economy has started to pick pace in the second quarter of the year. The figures boosted the greenback that maintained a positive tone during most of the American afternoon.

The EUR/USD saw a limited advance at the beginning of the European session, but stalled short of the 1.1100 level, beginning a steady decline that ended at 1.1016, following US housing data. There was no clear catalyst behind the move, but there was neither beyond the latest advance, and the market is probably taking profits out of the table ahead of upcoming FOMC Minutes.

Technically, the pair entered in consolidative mode after reaching its low and the 1 hour chart shows that the price is now unable to advance above the 50% retracement of its latest bullish run around 1.1030, whilst the 20 SMA has extended its decline above it, and the technical indicators remain dip in the red, supporting additional declines.

eur19

In the 4 hours chart, the RSI indicator continues heading lower, despite being around 35, whilst the 20 SMA maintains a sharp bearish slope above the current level. Should the pair accelerate lower once again, a break below 1.1010 exposes the 1.0960 level in the short term, whilst sellers will maintain the lead as long as the price remains below the 1.1100 figure.

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