On Thursday the EUR/USD the left its sideways move and climb up to 1.3700. The pair added about 180 pips during the European and American session spurred by great French, German and EU Manufacturing PMI and by EU Current Account. The movement up continued as all data from U.S. economy came out worse than expected. The pair is now on its 3-weeks highs and because today there are no important economic events we might see some technical price correction down. The support is lying at 1.3620 and resistance at 1.3700.
Yesterday the GBP/USD pair broke through its resistance at 1.6580 and rose all the way to 1.6640. This is the highest price since May 2011. The British pound first reacted on the stronger EU data which supported the pair and later on with weaker U.S. data continued its movement up. Today will be quiet on the economic releases. We should keep an eye on the U.K. BBA Mortgage Approvals at 9.30AM (GMT) but from the past we know that the impact on the pair is lower. If the bullish mood remains and the pair manages to break its resistance on 1.6650 the pair might increase all the way to 1.6700. However we should pay attention to possible price correction. The support lying at 1.6540 and resistance is lying at 1.6650.
The USD/JPY pair also dropped about 180 pips during yesterday’s trading sessions. The pair reacted on falling U.S. Dollar which was first weakening due to strong EU data and then due to weak U.S. data. The pair dropped to 103.00 level but reversed to 103.40 area. However most of the analysts bets on further Fed tapering which should pull the pair up. Today with lack of fundamental data we might see just technical trading and some price correction. The support is lying at 102.95 and resistance at 104.15.
January 24, 2014 – Forex News
Hot asset for today: GBP/USD
On Thursday the EUR/USD the left its sideways move and climb up to 1.3700. The pair added about 180 pips during the European and American session spurred by great French, German and EU Manufacturing PMI and by EU Current Account. The movement up continued as all data from U.S. economy came out worse than expected. The pair is now on its 3-weeks highs and because today there are no important economic events we might see some technical price correction down. The support is lying at 1.3620 and resistance at 1.3700.
Yesterday the GBP/USD pair broke through its resistance at 1.6580 and rose all the way to 1.6640. This is the highest price since May 2011. The British pound first reacted on the stronger EU data which supported the pair and later on with weaker U.S. data continued its movement up. Today will be quiet on the economic releases. We should keep an eye on the U.K. BBA Mortgage Approvals at 9.30AM (GMT) but from the past we know that the impact on the pair is lower. If the bullish mood remains and the pair manages to break its resistance on 1.6650 the pair might increase all the way to 1.6700. However we should pay attention to possible price correction. The support lying at 1.6540 and resistance is lying at 1.6650.
The USD/JPY pair also dropped about 180 pips during yesterday’s trading sessions. The pair reacted on falling U.S. Dollar which was first weakening due to strong EU data and then due to weak U.S. data. The pair dropped to 103.00 level but reversed to 103.40 area. However most of the analysts bets on further Fed tapering which should pull the pair up. Today with lack of fundamental data we might see just technical trading and some price correction. The support is lying at 102.95 and resistance at 104.15.
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