The EUR/USD is ranging between 1.2610 and 1.2675. The pair almost fell below 1.2600 but the positive EU Flash Manufacturing and Services PMI reversed the bearish sentiment. The U.S. PMI came out below expectations and also underlined the sideways movement.
Today we should pay attention to the GfK German Consumer Climate which will be released at 6.00AM (GMT). The German economic outlook has been worsening over the past 3 months and is expected to get worse. At 2PM (GMT) U.S. New Home Sales will be released and may create some volatility before the market closes for the weekend. The movement is sideways. Support is found at 1.2620 and resistance is at 1.2700.
On Thursday, the GBP/USD tested its support at 1.6000 but lost momentum and bounced back up. The pair reacted to disappointing U.K. Retail Sales data which decreased the likelihood of an earlier hike in interest rates. The volume of retail sales declined by 0.3% during the past month. The pair is expecting great trading opportunities at 8.30AM (GMT) when the GDP data will be announced. U.K. output is expected to rise just 0.7%, a slight decrease to previous months. If the number exceeds expectations, the pair may climb back above 1.6100.
The trend is sideways. Support is found at 1.6000 and resistance at 1.6080.
October 24, 2014 – Forex News
Hot asset for today: EUR/USD
EUR/USD
The EUR/USD is ranging between 1.2610 and 1.2675. The pair almost fell below 1.2600 but the positive EU Flash Manufacturing and Services PMI reversed the bearish sentiment. The U.S. PMI came out below expectations and also underlined the sideways movement.
Today we should pay attention to the GfK German Consumer Climate which will be released at 6.00AM (GMT). The German economic outlook has been worsening over the past 3 months and is expected to get worse. At 2PM (GMT) U.S. New Home Sales will be released and may create some volatility before the market closes for the weekend. The movement is sideways. Support is found at 1.2620 and resistance is at 1.2700.
GBP/USD
On Thursday, the GBP/USD tested its support at 1.6000 but lost momentum and bounced back up. The pair reacted to disappointing U.K. Retail Sales data which decreased the likelihood of an earlier hike in interest rates. The volume of retail sales declined by 0.3% during the past month. The pair is expecting great trading opportunities at 8.30AM (GMT) when the GDP data will be announced. U.K. output is expected to rise just 0.7%, a slight decrease to previous months. If the number exceeds expectations, the pair may climb back above 1.6100.
The trend is sideways. Support is found at 1.6000 and resistance at 1.6080.
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