On Monday, the EUR/USD pair slightly rebounded from the fresh 12-year lows and increased to current 1.0580 area. That price correction can be simply explained by profit-taking traders closing their previous positions. In addition, traders were also disappointed by U.S. Industrial Production release which showed just 0.1% increase except of 0.3% expected. However, as most analyst warns, the bearish movement will more likely continue. If Fed decides to hint the interest rate increase this Wednesday, the pair can easily reach parity within few months. Today, the main event will happen at 10.00AM (GMT). At that time, the German ZEW Economic Sentiment will be released together with E.U Final CPI data. The Economic sentiment is predicted to increase to 1 year high which may help euro to get some gains. At 12.30PM (GMT) the U.S. Building Permits will come out, however we do not expect significant impact on the price of EUR/USD. The trend is sideways. The support line is found at 1.0460 and resistance line at 1.0720.
During yesterday’s trading hours, the GBP/USD pair increased by 100 pips and settled above 1.4800 level. The pair moved up for the same reason as EUR/USD. The previous positions on U.S. Dollar were closed and the greenback corrected the previous rally. The pair might range today as tomorrow we will have two main events. Bank of England is about to release the policy meeting minutes as well as Federal Reserve Bank. We should experience high volatility mainly during tomorrow’s evening hours, because that’s the time we will know whether Fed signalized lifting of interest rates or not. The trend is sideways. The support line is found at 1.4700 and resistance line at 1.5020.
March 17, 2015 – Forex News
Hot asset for today: EUR/USD
On Monday, the EUR/USD pair slightly rebounded from the fresh 12-year lows and increased to current 1.0580 area. That price correction can be simply explained by profit-taking traders closing their previous positions. In addition, traders were also disappointed by U.S. Industrial Production release which showed just 0.1% increase except of 0.3% expected. However, as most analyst warns, the bearish movement will more likely continue. If Fed decides to hint the interest rate increase this Wednesday, the pair can easily reach parity within few months. Today, the main event will happen at 10.00AM (GMT). At that time, the German ZEW Economic Sentiment will be released together with E.U Final CPI data. The Economic sentiment is predicted to increase to 1 year high which may help euro to get some gains. At 12.30PM (GMT) the U.S. Building Permits will come out, however we do not expect significant impact on the price of EUR/USD. The trend is sideways. The support line is found at 1.0460 and resistance line at 1.0720.
During yesterday’s trading hours, the GBP/USD pair increased by 100 pips and settled above 1.4800 level. The pair moved up for the same reason as EUR/USD. The previous positions on U.S. Dollar were closed and the greenback corrected the previous rally. The pair might range today as tomorrow we will have two main events. Bank of England is about to release the policy meeting minutes as well as Federal Reserve Bank. We should experience high volatility mainly during tomorrow’s evening hours, because that’s the time we will know whether Fed signalized lifting of interest rates or not. The trend is sideways. The support line is found at 1.4700 and resistance line at 1.5020.
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