On Tuesday, the EUR/USD declined and tested its support level at 1.1270. The pair was first driven by nervousness on the market as no deal was reached with Greece. However, later in the day, several reports stated that the EU Commission will propose a six-month debt extension. This calmed the market and the pair rebounded back above 1.1300.
Today, we should pay attention to the Eurozone meeting and any statements regarding the Greek bailout. In addition, traders should focus on the support line, as it has already been tested twice a significant break out should occur. The trend is sideways. Support is found at 1.1270 and resistance at 1.1400.
Yesterday, the GBP/USD bounced off 1.5200 and slightly increased. The pair increased despite weak U.K. Manufacturing Production which increased by just 0.1% instead of the expected 0.3%. However, a second piece of data supported the sterling; The U.K. NIESR GDP Estimate showed 0.7% compared to the previous reading of 0.5%.
Today, volatility is expected to remain low as no important economic data will be released. Keep an eye on the EU meeting and developments with Greek negotiations. The trend is sideways. Support is found at 1.5200 and resistance at 1.5305.
February 11, 2015 – Forex News
EUR/USD
On Tuesday, the EUR/USD declined and tested its support level at 1.1270. The pair was first driven by nervousness on the market as no deal was reached with Greece. However, later in the day, several reports stated that the EU Commission will propose a six-month debt extension. This calmed the market and the pair rebounded back above 1.1300.
Today, we should pay attention to the Eurozone meeting and any statements regarding the Greek bailout. In addition, traders should focus on the support line, as it has already been tested twice a significant break out should occur. The trend is sideways. Support is found at 1.1270 and resistance at 1.1400.
GBP/USD
Yesterday, the GBP/USD bounced off 1.5200 and slightly increased. The pair increased despite weak U.K. Manufacturing Production which increased by just 0.1% instead of the expected 0.3%. However, a second piece of data supported the sterling; The U.K. NIESR GDP Estimate showed 0.7% compared to the previous reading of 0.5%.
Today, volatility is expected to remain low as no important economic data will be released. Keep an eye on the EU meeting and developments with Greek negotiations. The trend is sideways. Support is found at 1.5200 and resistance at 1.5305.
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