On Tuesday, data showed U.S. consumer spending increased solidly in June, while inflation rose moderately. Other data showed employers boosting benefits for workers in the second quarter, but wage growth slowed.

With savings at lofty levels and lower taxes increasing take-home pay for some workers, consumer spending is likely to remain strong this year and allow the Federal Reserve to continue gradually raising interest rates.

This is how we trade now:


Trading strategy: Long

Open: 1.1710

Target: 1.1900

Stop-loss: 1.1615

Recommended size: 1.58 mini lots per $10,000 in your account

Short analysis: Rally toward 1.1750/60 resistance fails but pair is supported by the converging 10, 21 and 55-day MAs.         

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