On Wednesday, the EUR/USD broke through its resistance and climbed above 1.2800 as U.S. retail sales data came out worse than expected, showing the biggest decrease seen in 4 months. Mario Draghi also spoke but did not say anything surprising and so there was no impact on the pair. Yesterday the European CPI data met expectations and showed a 0.3% increase. Inflation is very low and has created additional pressure on the Euro. This caused the pair to reverse and move back up above 1.2800 despite great U.S. Industrial Production data.
Today, traders should watch the speech from German Bundesbank President Jens Weidmann. Janet Yellen will also be speaking. The movement is sideways. Support is found at 1.2700 and resistance is at 1.2880.
On Thursday, the GBP/USD pair rose and tested its resistance at 1.6110. The pair was driven by the weaker U.S. Dollar which depreciated on the back of disappointing U.S. Retail Sale data. The British pound also strengthened slightly as new speculation regarding a possible hike in interest rates appeared.
Today, there is no economic data coming out from the U.K. market and so we should watch the U.S. Building Permits data at 12.30PM (GMT) and the University of Michigan Consumer Sentiment at 2PM(GMT). The trend is sideways. Support is found at 1.5980 and resistance at 1.6110.
October 17, 2014 – Forex News
Hot asset for today: EUR/USD
EUR/USD
On Wednesday, the EUR/USD broke through its resistance and climbed above 1.2800 as U.S. retail sales data came out worse than expected, showing the biggest decrease seen in 4 months. Mario Draghi also spoke but did not say anything surprising and so there was no impact on the pair. Yesterday the European CPI data met expectations and showed a 0.3% increase. Inflation is very low and has created additional pressure on the Euro. This caused the pair to reverse and move back up above 1.2800 despite great U.S. Industrial Production data.
Today, traders should watch the speech from German Bundesbank President Jens Weidmann. Janet Yellen will also be speaking. The movement is sideways. Support is found at 1.2700 and resistance is at 1.2880.
GBP/USD
On Thursday, the GBP/USD pair rose and tested its resistance at 1.6110. The pair was driven by the weaker U.S. Dollar which depreciated on the back of disappointing U.S. Retail Sale data. The British pound also strengthened slightly as new speculation regarding a possible hike in interest rates appeared.
Today, there is no economic data coming out from the U.K. market and so we should watch the U.S. Building Permits data at 12.30PM (GMT) and the University of Michigan Consumer Sentiment at 2PM(GMT). The trend is sideways. Support is found at 1.5980 and resistance at 1.6110.
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