The Euro Still Holds Not Far Away From High Overview 19.07.2017

The EUR/USD pair has stopped its fast race to multi-month high. Currently it holds at 1.1524. The highest point the pair achieved during the last 14 months is 1.1583. Essentially, the pair doesn't have obstacles to climb higher to 1.1600 and (may be) to 1.1800-1.1900. Due to Obamacare and different views on it the US Dollar has once again found itself in a weak position, and the current "delay" in the bulls' acitivity won't last long. The market has a day or two for correction (the main currency pair seems to be overbought at the moment), but later will resume climbing higher.

Today is a relatively quiet day from the point of statistics. In the afternoon the eurozone reported its statistical data on building volume as of May 2017. The indicator fell by 0.7% m/m; in April it increased by 0.3% m/m. The details of the report show that volume of civil construction was very bad in June (-0.9% m/m) while the volume of non-residential buildings fell by 0.6%

During the 2nd half of the day the number of granted building permissions as of June will be published in USA. Also, data on new residential constructions in June will also be published. It is unlikely that the pair will stop moving sideways today. But Thursday is going to be a more interesting day: the ECB will announce its report.