The EUR/USD dropped to a 2 year low and tested the 1.2500 level. The pair dropped more than 100 pips once the U.S Non-farm payrolls showed a better-than expected result. 248,000 people were employed during the previous month, which was much higher than the expected increase of 216,000. The strong result was supported by the Unemployment rate which decreased to 5.9%, a 6-year low.
Today traders should pay attention to the German Factory Orders data which is being released at 6AM (GMT). The movement is slightly bullish. Support is found at 1.2500 and resistance is at 1.2580.
On Friday, the GBP/USD broke through its support at 1.600 and fell all the way to 1.5950. The pair declined on the back of strong U.S. labor data which increased bets over an earlier hike in interest rates. The downwards movement was supported by the weaker British pound which depreciated due to the downgrading outlook over the interest rate increase in the U.K.
Today we should expect a price correction after such a big drop. There is no important economic data being released and so trading will be more technical. The trend is sideways. Support is found at 1.5950 and resistance at 1.6100.
October 6, 2014 – Forex News
Hot asset for today: EUR/USD
EUR/USD
The EUR/USD dropped to a 2 year low and tested the 1.2500 level. The pair dropped more than 100 pips once the U.S Non-farm payrolls showed a better-than expected result. 248,000 people were employed during the previous month, which was much higher than the expected increase of 216,000. The strong result was supported by the Unemployment rate which decreased to 5.9%, a 6-year low.
Today traders should pay attention to the German Factory Orders data which is being released at 6AM (GMT). The movement is slightly bullish. Support is found at 1.2500 and resistance is at 1.2580.
GBP/USD
On Friday, the GBP/USD broke through its support at 1.600 and fell all the way to 1.5950. The pair declined on the back of strong U.S. labor data which increased bets over an earlier hike in interest rates. The downwards movement was supported by the weaker British pound which depreciated due to the downgrading outlook over the interest rate increase in the U.K.
Today we should expect a price correction after such a big drop. There is no important economic data being released and so trading will be more technical. The trend is sideways. Support is found at 1.5950 and resistance at 1.6100.
Related Posts: