The EUR/USD bounced off its resistance at 1.2575 and dropped back down. At first, the pair was driven by the Dollar which weakened on the back of James Bullard’s dovish speech in which he stated that the Fed should maintain low interest rates long enough for the global market to recover. However, on Monday morning Japanese GDP data came out and showed a very disappointing 0.4% quarterly decrease instead of the expected increase of 0.5%. The Japanese economy looks to be slipping back into a recession and therefore the Greenback is gaining once again.
Pay attention to the ECB president testimony which will take place at 2.00PM (GMT). The movement is slightly bearish. Support is found at 1.2240 and resistance is at 1.2575.
After falling 300 pips over 3 days, the GBP/USD pair corrected slightly and moved up above 1.5700. However, once the U.S. Dollar strengthened on the back of disappointing Japanese data, the pair started to fall. Within the first two hours of today’s European session, the pair dropped to 1.5630.
Later today, traders should keep an eye on the U.S. Industrial Production data which is expected to show an increase of 0.2%. Any reading higher than the predicted figure should add to the bearish sentiment. The trend is slightly bearish. Support is found at 1.5590 and resistance at 1.5750.
November 17, 2014 – Forex News
Hot asset for today: GBP/USD
EUR/USD
The EUR/USD bounced off its resistance at 1.2575 and dropped back down. At first, the pair was driven by the Dollar which weakened on the back of James Bullard’s dovish speech in which he stated that the Fed should maintain low interest rates long enough for the global market to recover. However, on Monday morning Japanese GDP data came out and showed a very disappointing 0.4% quarterly decrease instead of the expected increase of 0.5%. The Japanese economy looks to be slipping back into a recession and therefore the Greenback is gaining once again.
Pay attention to the ECB president testimony which will take place at 2.00PM (GMT). The movement is slightly bearish. Support is found at 1.2240 and resistance is at 1.2575.
GBP/USD
After falling 300 pips over 3 days, the GBP/USD pair corrected slightly and moved up above 1.5700. However, once the U.S. Dollar strengthened on the back of disappointing Japanese data, the pair started to fall. Within the first two hours of today’s European session, the pair dropped to 1.5630.
Later today, traders should keep an eye on the U.S. Industrial Production data which is expected to show an increase of 0.2%. Any reading higher than the predicted figure should add to the bearish sentiment. The trend is slightly bearish. Support is found at 1.5590 and resistance at 1.5750.
Related Posts: