During the Asian session, the EUR/USD returned above 1.2500 as it corrected slightly from its previous drop. The U.S. Dollar was influenced by events in Australia where the Reserve Bank of Australia decided to maintain interest rate at 2.50%. Today, however, we should expect bearish sentiment to return due to important data from Europe. At 10.00AM (GMT) the EU Economic Forecast will be posted and if the report downgrades the outlook we may see the pair testing support at 1.2440. At the same time the EU Producer Price Index will be released and could increase deflation fears. At 3.00PM (GMT) U.S. Factory Orders will be released and the prediction is to see a decrease of 0.4%.
The movement is sideways. Support is found at 1.2440 and resistance is at 1.2540.
On Monday, the GBP/USD reacted positively to UK Manufacturing data and returned above 1.6000. However, speculation ahead of the U.S Manufacturing PMI pushed the pair back down. Today you should keep an eye on the U.K. Construction PMI which will be released at 9.30AM (GMT) as it could pull the pair higher. At 3.00PM (GMT) U.S Factory Orders will be announced. The prediction is to see a slight decrease of 0.4% which would be better than the previous decline of 10.1%.
The trend is sideways. Support is found at 1.5920 and resistance at 1.6020.
November 4, 2014 – Forex News
Hot asset for today: EUR/USD
EUR/USD
During the Asian session, the EUR/USD returned above 1.2500 as it corrected slightly from its previous drop. The U.S. Dollar was influenced by events in Australia where the Reserve Bank of Australia decided to maintain interest rate at 2.50%. Today, however, we should expect bearish sentiment to return due to important data from Europe. At 10.00AM (GMT) the EU Economic Forecast will be posted and if the report downgrades the outlook we may see the pair testing support at 1.2440. At the same time the EU Producer Price Index will be released and could increase deflation fears. At 3.00PM (GMT) U.S. Factory Orders will be released and the prediction is to see a decrease of 0.4%.
The movement is sideways. Support is found at 1.2440 and resistance is at 1.2540.
GBP/USD
On Monday, the GBP/USD reacted positively to UK Manufacturing data and returned above 1.6000. However, speculation ahead of the U.S Manufacturing PMI pushed the pair back down. Today you should keep an eye on the U.K. Construction PMI which will be released at 9.30AM (GMT) as it could pull the pair higher. At 3.00PM (GMT) U.S Factory Orders will be announced. The prediction is to see a slight decrease of 0.4% which would be better than the previous decline of 10.1%.
The trend is sideways. Support is found at 1.5920 and resistance at 1.6020.
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