On Tuesday, the EUR/USD continued to decline due to increased speculation that the Fed will drop the word ‘patient’ at their next meeting. Janet Yellen previously commented that once the word is removed, the rate is likely to remain unchanged for just two meetings. The meeting is scheduled for March 17-18 and if the change is made, the interest rate hike could happen in June. This outlook pushed the pair to a fresh 12 year low at 1.0665.
Today at 8.00AM (GMT) the President of the European Central bank, Mario Draghi, will speak in Frankfurt. However, he is not expected to release any new information and so, volatility should remain low. The movement is bearish. Support is found at 1.0650 and resistance at 1.0930.
Yesterday, the GBP/USD ranged in a narrow channel between 1.5030 and 1.0510. Unlike other pairs, the GBP/USD did not continue downwards which may suggest that the British pound benefited from the recent drop of the Euro. Today at 9.30AM (GMT) U.K. Manufacturing Production data will be released and could support the British pound as it is expected to increase. However, no other important events will occur so trading could remain technical.
The trend is sideways. Support is found at 1.5000 and resistance at 1.5140.
March 11, 2015 – Forex News
Hot asset for today: EUR/USD
EUR/USD
On Tuesday, the EUR/USD continued to decline due to increased speculation that the Fed will drop the word ‘patient’ at their next meeting. Janet Yellen previously commented that once the word is removed, the rate is likely to remain unchanged for just two meetings. The meeting is scheduled for March 17-18 and if the change is made, the interest rate hike could happen in June. This outlook pushed the pair to a fresh 12 year low at 1.0665.
Today at 8.00AM (GMT) the President of the European Central bank, Mario Draghi, will speak in Frankfurt. However, he is not expected to release any new information and so, volatility should remain low. The movement is bearish. Support is found at 1.0650 and resistance at 1.0930.
GBP/USD
Yesterday, the GBP/USD ranged in a narrow channel between 1.5030 and 1.0510. Unlike other pairs, the GBP/USD did not continue downwards which may suggest that the British pound benefited from the recent drop of the Euro. Today at 9.30AM (GMT) U.K. Manufacturing Production data will be released and could support the British pound as it is expected to increase. However, no other important events will occur so trading could remain technical.
The trend is sideways. Support is found at 1.5000 and resistance at 1.5140.
Related Posts: