Yesterday, the EUR/USD ranged in a channel of just 60 pips. The price has already tested its support at 1.2215 three times. If it tests this level again, we may see a break out. Higher volatility is expected today as important data will be released. The final U.S. GDP and Durable Goods Orders data will be released at 1.30 PM (GMT). Both figures are expected to be strong. GDP is expected to increase by 4.3% and Durable Goods is expected to increase by 1.1%.
After the data is released, volatility should decrease due to the Christmas holidays. The movement is sideways. Support is found at 1.2215 and resistance at 1.2300.
On Monday, the GBP/USD decreased 100 pips from 1.5665 to 1.5570. It was quite surprising to see such a strong movement on a very quiet market. The drop was caused by a depreciation of the British Pound which suffered as the economic situation in Russia stabilized.
Today, traders should watch the U.K. Current Account which will be released at 9.30AM (GMT). At 1.30PM (GMT) the U.S. Final GDP and the Core Durable Goods Orders should provide good trading opportunities. If the data is stronger than expected, the price could break through its support. The movement is sideways. Support is found at 1.5540 and resistance at 1.5600.
December 23, 2014 – Forex News
Hot asset for today: EUR/USD
EUR/USD
Yesterday, the EUR/USD ranged in a channel of just 60 pips. The price has already tested its support at 1.2215 three times. If it tests this level again, we may see a break out. Higher volatility is expected today as important data will be released. The final U.S. GDP and Durable Goods Orders data will be released at 1.30 PM (GMT). Both figures are expected to be strong. GDP is expected to increase by 4.3% and Durable Goods is expected to increase by 1.1%.
After the data is released, volatility should decrease due to the Christmas holidays. The movement is sideways. Support is found at 1.2215 and resistance at 1.2300.
GBP/USD
On Monday, the GBP/USD decreased 100 pips from 1.5665 to 1.5570. It was quite surprising to see such a strong movement on a very quiet market. The drop was caused by a depreciation of the British Pound which suffered as the economic situation in Russia stabilized.
Today, traders should watch the U.K. Current Account which will be released at 9.30AM (GMT). At 1.30PM (GMT) the U.S. Final GDP and the Core Durable Goods Orders should provide good trading opportunities. If the data is stronger than expected, the price could break through its support. The movement is sideways. Support is found at 1.5540 and resistance at 1.5600.
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