European Union Retail Sales July 3, 2015

During the session on Friday, the Americans will be away at holiday, and with that we feel that the most important announcement will be the European Union Retail Sales coming out. With fact, we believe that the European stock markets will be in focus, just as the EUR/USD pair.

The EUR/USD pair bounced slightly during the session on Thursday, mainly as a result of not only a trend line that we’ve been following, but perhaps the slightly softer than expected jobs numbers out of the United States. With that, we are still call buyers in the Euro, and as a result we think it’s only a matter time before the market goes higher.

European Union Retail Sales

The DAX tried to rally, but fell a little bit during the session. With that being the case, we think the market is going to look forward the supportive area near the €10,800 level in order to finally build up enough momentum to break out to the upside. If we can break the top of the range from the Thursday session, we would also be call buyers at that point.

The silver markets tried to rally, but continues to essentially do nothing. Somewhere around the $15.50 level, the market seems to attract buyers. While we are not huge fans of owning silver at the moment, we do consider buying short-term calls.

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