Bearish sentiment continues for the EUR/USD. After the release of Australian data this morning the pair dropped to 1.2440. Following this, the price bounced off its lowest level since 2012 and is currently correcting slightly upwards.
Today the German Manufacturing PMI will be released at 8.55AM (GMT) and if the reading is below 50, the pair may fall back down to 1.2440. Later on, keep an eye on the U.S. ISM Manufacturing PMI which will be released at 3PM (GMT). Following last week’s strong GDP data we should expect bullish speculation before the actual reading.
The movement is sideways. Support is found at 1.2440 and resistance is at 1.2540.
On Friday, the GBP/USD traded sideways in a narrow channel between 1.5940 and 1.6010. As there were no economic releases, volatility remained low. This should change today as we have two main pieces of economic data coming out. At 9.30AM (GMT) the U.K. Manufacturing PMI will be announced and the figure is expected to show a decreasing trend. Last month, the figure fell from 57.5 to 51.6 and if the result is worse than expected, the British pound will be under more pressure which would cause the pair to remain below 1.6000 or decrease further.
The trend is sideways. Support is found at 1.5920 and resistance at 1.6050.
November 3, 2014 – Forex News
Hot asset for today: EUR/USD
EUR/USD
Bearish sentiment continues for the EUR/USD. After the release of Australian data this morning the pair dropped to 1.2440. Following this, the price bounced off its lowest level since 2012 and is currently correcting slightly upwards.
Today the German Manufacturing PMI will be released at 8.55AM (GMT) and if the reading is below 50, the pair may fall back down to 1.2440. Later on, keep an eye on the U.S. ISM Manufacturing PMI which will be released at 3PM (GMT). Following last week’s strong GDP data we should expect bullish speculation before the actual reading.
The movement is sideways. Support is found at 1.2440 and resistance is at 1.2540.
GBP/USD
On Friday, the GBP/USD traded sideways in a narrow channel between 1.5940 and 1.6010. As there were no economic releases, volatility remained low. This should change today as we have two main pieces of economic data coming out. At 9.30AM (GMT) the U.K. Manufacturing PMI will be announced and the figure is expected to show a decreasing trend. Last month, the figure fell from 57.5 to 51.6 and if the result is worse than expected, the British pound will be under more pressure which would cause the pair to remain below 1.6000 or decrease further.
The trend is sideways. Support is found at 1.5920 and resistance at 1.6050.
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