On Friday, the EUR/USD dropped and broke through its support level at 1.0600. The pair has since been ranging at a low level and is moving towards its new support level of 1.0550. The sharp fall was caused by new expectations. Despite the fact that no important data was released a recent shift to hawkish comments from FOMC members strengthened the Dollar.
The pair could continue downwards as the situation in the European Union is not improving; Greece has not reached a deal for its debt repayment which has a new deadline of May 12. There will be no important economic events today so traders should use technical analysis. The trend is slightly bearish. Support is found at 1.0550 and resistance at 1.0700.
On Friday, the GBP/USD dropped all the way to 1.4585 as FOMC member Jeffrey Lacker repeated his opinion that the interest rate should be lifted in June if there no relevant data supports the opposite occurrence. Recent comments from FOMC members have signaled readiness to increase rates for the first time since 2008. Traders should remember that the U.S would be the first major economy to take such a step. On the other side, the outlook for the U.K. has slightly declined as the upcoming election remains unclear and could lead to a weak government.
Today, no important economic events will be released so the pair could range between its support and resistance. The trend is sideways. Support is found at 1.4565 and resistance at 1.4725.
April 13, 2015 – Forex News
Hot asset for today: USD
EUR/USD
On Friday, the EUR/USD dropped and broke through its support level at 1.0600. The pair has since been ranging at a low level and is moving towards its new support level of 1.0550. The sharp fall was caused by new expectations. Despite the fact that no important data was released a recent shift to hawkish comments from FOMC members strengthened the Dollar.
The pair could continue downwards as the situation in the European Union is not improving; Greece has not reached a deal for its debt repayment which has a new deadline of May 12. There will be no important economic events today so traders should use technical analysis. The trend is slightly bearish. Support is found at 1.0550 and resistance at 1.0700.
GBP/USD
On Friday, the GBP/USD dropped all the way to 1.4585 as FOMC member Jeffrey Lacker repeated his opinion that the interest rate should be lifted in June if there no relevant data supports the opposite occurrence. Recent comments from FOMC members have signaled readiness to increase rates for the first time since 2008. Traders should remember that the U.S would be the first major economy to take such a step. On the other side, the outlook for the U.K. has slightly declined as the upcoming election remains unclear and could lead to a weak government.
Today, no important economic events will be released so the pair could range between its support and resistance. The trend is sideways. Support is found at 1.4565 and resistance at 1.4725.
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