EUR/USD forecast: How will EU consumer confidence impact pair?

NEW YORK (Forex News Now) – The EU statistics bureau is due on Monday to publish a monthly report on consumer confidence in the euro zone, in one of the day’s major FX news events.

Eurostat, the bureau, is expected to report that its consumer confidence index for the 16-nation region rose in July to -13 from -14 in June, two real time forex news outlets reported.

The building society is scheduled to release the report at 2:00 P.M., GMT; as such, the data is likely to dominate European afternoon currency market trading.

According to eur usd analysis, a higher-than-expected reading could lift EUR/USD toward short-term resistance around the high of Aug. 18, 1.2922.

Should the data show that consumer confidence held steady, or even declined further, the currency pair could be pushed down toward support around the low of July 13, 1.2523.