Yesterday, the EUR/USD slightly increased and returned above 1.2700. The pair reacted to negative U.S. Pending Home Sales data which came out below expectations at 0.3% instead of 1.1%. The two day FOMC Meeting will begin today and traders expect the Fed to discuss a potential hike in interest rates. The question on the market is whether the hike will come sooner than the second quarter of 2015 and consequently we should see some speculative movement beforehand.
Today at 12.30PM (GMT) U.S. Core Durable Goods Orders will be released and speculation beforehand may push the pair down towards 1.2650. At 2PM (GMT) CB Consumer Confidence will be announced and is also predicted to come out strong and spur the dollar. The movement is sideways. Support is found at 1.2620 and resistance is at 1.2740.
On Monday, the GBP/USD moved slightly higher and broke its resistance. The pair settled above 1.6100 as the U.S. Dollar depreciated before the FOMC statement which will be released tomorrow evening. Despite improving economic conditions in the U.S., the market seems to be cautious about the stronger dollar.
Today, the pair might drop back below 1.6100 if U.S. Core Durable Goods and CB Consumer Confidence come out strong. The trend is sideways. Support is found at 1.6000 and resistance at 1.6130.
October 28, 2014 – Forex News
Hot asset for today: EUR/USD
EUR/USD
Yesterday, the EUR/USD slightly increased and returned above 1.2700. The pair reacted to negative U.S. Pending Home Sales data which came out below expectations at 0.3% instead of 1.1%. The two day FOMC Meeting will begin today and traders expect the Fed to discuss a potential hike in interest rates. The question on the market is whether the hike will come sooner than the second quarter of 2015 and consequently we should see some speculative movement beforehand.
Today at 12.30PM (GMT) U.S. Core Durable Goods Orders will be released and speculation beforehand may push the pair down towards 1.2650. At 2PM (GMT) CB Consumer Confidence will be announced and is also predicted to come out strong and spur the dollar. The movement is sideways. Support is found at 1.2620 and resistance is at 1.2740.
GBP/USD
On Monday, the GBP/USD moved slightly higher and broke its resistance. The pair settled above 1.6100 as the U.S. Dollar depreciated before the FOMC statement which will be released tomorrow evening. Despite improving economic conditions in the U.S., the market seems to be cautious about the stronger dollar.
Today, the pair might drop back below 1.6100 if U.S. Core Durable Goods and CB Consumer Confidence come out strong. The trend is sideways. Support is found at 1.6000 and resistance at 1.6130.
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