The EUR/USD dropped sharply from 1.2480 to its current level of 1.2310. The sharp decrease was caused by the FOMC statement as the Fed lifted the economic outlook which increased speculation that interest rates could be hiked in the first half of next year. The pair still has strong negative momentum and this could push the price below 1.2245.
Today, pay attention to the German Ifo Business Climate which will be released at 9.00AM (GMT). Earlier in the week, the ZEW Economic sentiment beat expectations and therefore, investors are optimistic about this release. The movement is bearish. Support is found at 1.2245 and resistance at 1.2520.
On Wednesday, the GBP/USD sharply decreased and all of last week’s gains. The pair reached its strong support level at 1.5540 which had been tested on December 8th. Movement was driven by the stronger Dollar and the pair moved lower despite positive UK labour data.
Today, traders should watch the U.K. Retail Sales data which will be released at 9.30AM (GMT). If the price breaks through its support level we could see a steep fall. The movement is slightly bearish. Support is found at 1.5540 and resistance at 1.5600.
December 18, 2014 – Forex News
Hot asset for today: EUR/USD
EUR/USD
The EUR/USD dropped sharply from 1.2480 to its current level of 1.2310. The sharp decrease was caused by the FOMC statement as the Fed lifted the economic outlook which increased speculation that interest rates could be hiked in the first half of next year. The pair still has strong negative momentum and this could push the price below 1.2245.
Today, pay attention to the German Ifo Business Climate which will be released at 9.00AM (GMT). Earlier in the week, the ZEW Economic sentiment beat expectations and therefore, investors are optimistic about this release. The movement is bearish. Support is found at 1.2245 and resistance at 1.2520.
GBP/USD
On Wednesday, the GBP/USD sharply decreased and all of last week’s gains. The pair reached its strong support level at 1.5540 which had been tested on December 8th. Movement was driven by the stronger Dollar and the pair moved lower despite positive UK labour data.
Today, traders should watch the U.K. Retail Sales data which will be released at 9.30AM (GMT). If the price breaks through its support level we could see a steep fall. The movement is slightly bearish. Support is found at 1.5540 and resistance at 1.5600.
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