On Wednesday, the EUR/USD dropped lower and tested its support level at 1.0500 during the Asian session. The pair lost 3.75% in the last 3 days and more than 9% in the past month. Despite the fact that the ECB want the Euro to be lower, such a sharp depreciation could hurt investments in the Euro zone. The bearish sentiment has not ended and analysts are now speculating over euro-dollar parity. Nick Lawson, a senior equities trader at Deutsche Bank, remarked, “Parity for the euro [to the dollar] … is now openly discussed, so would no longer be considered a surprise.”
Today, U.S. Retail Sales data will be released at 12.30PM (GMT). The expectation is to see an increase of 0.3% which would be higher than the previous figure. This could support the dollar and push the pair to test its support level again. The trend is sideways. Support is found at 1.0500 and resistance at 1.0720.
The GBP/USD withstood previous pressure from the stronger dollar and remained above 1.5000. However, during yesterday’s American session, the pair started to fall and erased more than 150 pips. The decline was caused by U.K. Manufacturing Production data which disappointed the market. The reading showed a decrease of 0.5% instead of an expected increase of 0.2%. The pair reached a low of 1.4890 but then started to correct upwards.
Today, pay attention to U.S. Retail Sales data which will be released at 12.30PM (GMT). The trend is sideways. Support is found at 1.4820 and resistance at 1.5140.
March 12, 2015 – Forex News
Hot asset for today: EUR/USD
EUR/USD
On Wednesday, the EUR/USD dropped lower and tested its support level at 1.0500 during the Asian session. The pair lost 3.75% in the last 3 days and more than 9% in the past month. Despite the fact that the ECB want the Euro to be lower, such a sharp depreciation could hurt investments in the Euro zone. The bearish sentiment has not ended and analysts are now speculating over euro-dollar parity. Nick Lawson, a senior equities trader at Deutsche Bank, remarked, “Parity for the euro [to the dollar] … is now openly discussed, so would no longer be considered a surprise.”
Today, U.S. Retail Sales data will be released at 12.30PM (GMT). The expectation is to see an increase of 0.3% which would be higher than the previous figure. This could support the dollar and push the pair to test its support level again. The trend is sideways. Support is found at 1.0500 and resistance at 1.0720.
GBP/USD
The GBP/USD withstood previous pressure from the stronger dollar and remained above 1.5000. However, during yesterday’s American session, the pair started to fall and erased more than 150 pips. The decline was caused by U.K. Manufacturing Production data which disappointed the market. The reading showed a decrease of 0.5% instead of an expected increase of 0.2%. The pair reached a low of 1.4890 but then started to correct upwards.
Today, pay attention to U.S. Retail Sales data which will be released at 12.30PM (GMT). The trend is sideways. Support is found at 1.4820 and resistance at 1.5140.
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