After the slight increase from Monday the EUR/USD pair reversed and fell about 60 pips to 1.3610. The pair reacted on a raising speculation that European Central bank is going to cut the interest rates during the next meeting which is happening next week. Yesterday’s U.S. data came mixed so we did not have any clear trend from the greenback. Today there will be several economic events coming from EU with moderate impact. We should watch the overall picture which the data will give us. The current trend is slightly bearish, however we should take into account that the support is close and the pair might just range around. The support is lying at 1.3600 and resistance at 1.3690.
The USD/JPY pair moved exactly as U.S. dollar. First the pair increase on the back of positive expectation before the U.S. Core Durable Goods Orders and Durable Goods Orders, however, the data came out mixed and the dollar weakened. The CB Consumer Confidence showed slightly worse number than expected but not that much to create a significant movement. During the Asian session we heard BoJ Governor Kuroda speaking signalling that despite good economic data we should expect additional monetary easing. In this context some analysts forecasted that the pair might go as far as 107 in a future. The movement is sideways with support lying at 101.70 and resistance lying at 102.35.
May 28, 2014 – Forex News
Hot asset for today: EUR/USD
After the slight increase from Monday the EUR/USD pair reversed and fell about 60 pips to 1.3610. The pair reacted on a raising speculation that European Central bank is going to cut the interest rates during the next meeting which is happening next week. Yesterday’s U.S. data came mixed so we did not have any clear trend from the greenback. Today there will be several economic events coming from EU with moderate impact. We should watch the overall picture which the data will give us. The current trend is slightly bearish, however we should take into account that the support is close and the pair might just range around. The support is lying at 1.3600 and resistance at 1.3690.
The USD/JPY pair moved exactly as U.S. dollar. First the pair increase on the back of positive expectation before the U.S. Core Durable Goods Orders and Durable Goods Orders, however, the data came out mixed and the dollar weakened. The CB Consumer Confidence showed slightly worse number than expected but not that much to create a significant movement. During the Asian session we heard BoJ Governor Kuroda speaking signalling that despite good economic data we should expect additional monetary easing. In this context some analysts forecasted that the pair might go as far as 107 in a future. The movement is sideways with support lying at 101.70 and resistance lying at 102.35.
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