The EUR/USD is ranging right now after falling yesterday due to better than expected US data. Though the pair has retraced some of its losses, there is no indication that significant movement will occur, though the pair may move a bit in anticipation of of speeches by FOMC members beginning at 15:45. Keep in mind, the Euro is under downward pressure as ECB member Sabine Lautenschlaeger mentioned that rights might remain low in the Eurozone for an extended period of time. Thus, any ranging may have a downward element. Look for support at 1.3749 and resistance at 1.3843.
The USD/JPY was ranging today after having gone up earlier this week due to tapering – which has boosted the value of the dollar. Since there is a holiday in Japan, there will not be any large movements on the pair from data. However, at this moment, the pair is declining due to a strengthening yen. As Russia and the west continue to trade barbs over the situation in the Crimea, the yen may gain value as a safe haven asset. Look for support at 101.48 and resistance at 102.54.
March 21, 2014 – Forex News
The EUR/USD is ranging right now after falling yesterday due to better than expected US data. Though the pair has retraced some of its losses, there is no indication that significant movement will occur, though the pair may move a bit in anticipation of of speeches by FOMC members beginning at 15:45. Keep in mind, the Euro is under downward pressure as ECB member Sabine Lautenschlaeger mentioned that rights might remain low in the Eurozone for an extended period of time. Thus, any ranging may have a downward element. Look for support at 1.3749 and resistance at 1.3843.
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