The EUR/USD sharply decreased after Mario Draghi (the president of European Central Bank) reinforced readiness to expand monetary stimulus if needed. The euro immediately depreciated against all 16 of its major peers and the pair tested 1.2400. Following this, the price reversed and corrected upwards.
The Dollar is now strengthening before today’s Non-farm payrolls data pushing the pair back to a low of 1.2360. The actual data comes out at 1.30PM (GMT) and this will be a great time to trade. The movement is sideways. Support is found at 1.2360 and resistance is at 1.2540.
On Thursday, the GBP/USD broke through its support at 1.5870 and moved towards 1.5800 – its lowest price since September 2013. The British pound depreciated after the European Central Bank’s press conference was more dovish and the possibility of adding more stimulus was stressed. The pair has since been under pressure as the U.S. Dollar is strengthening before labour data which will be released at 1.30PM (GMT).
The actual NFP figure is predicted to be lower than last months; however, the market now expects it to be strong as most U.S. data from this week beat forecasts. If the figure does not exceed the prediction, we should see an upwards price correction. The trend is sideways. Support is found at 1.5800 and resistance at 1.5925.
November 7, 2014 – Forex News
Hot asset for today: EUR/USD
EUR/USD
The EUR/USD sharply decreased after Mario Draghi (the president of European Central Bank) reinforced readiness to expand monetary stimulus if needed. The euro immediately depreciated against all 16 of its major peers and the pair tested 1.2400. Following this, the price reversed and corrected upwards.
The Dollar is now strengthening before today’s Non-farm payrolls data pushing the pair back to a low of 1.2360. The actual data comes out at 1.30PM (GMT) and this will be a great time to trade. The movement is sideways. Support is found at 1.2360 and resistance is at 1.2540.
GBP/USD
On Thursday, the GBP/USD broke through its support at 1.5870 and moved towards 1.5800 – its lowest price since September 2013. The British pound depreciated after the European Central Bank’s press conference was more dovish and the possibility of adding more stimulus was stressed. The pair has since been under pressure as the U.S. Dollar is strengthening before labour data which will be released at 1.30PM (GMT).
The actual NFP figure is predicted to be lower than last months; however, the market now expects it to be strong as most U.S. data from this week beat forecasts. If the figure does not exceed the prediction, we should see an upwards price correction. The trend is sideways. Support is found at 1.5800 and resistance at 1.5925.
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