On Friday, the EUR/USD reacted to another speech from an FOMC member and climbed above 1.0880. Dennis Lockhart said that the interest rate increase should take place by September and although he did not deny that it could happen in June, traders shifted their expectations.
Today at 2.00PM (GMT) the President of the European Central Bank, Mario Draghi, will testify. We expect him to support the quantitative easing program and summarize its pro’s. Any hints that the ECB could increase the budget (which is now at a record high of 1 trillion dollars) should pressure the pair down. At 4.20PM GMT U.S. FOMC member, Stanley Fischer, will speak and as he is usually hawkish we could see the pair move down. Support line is found at 1.0580 and resistance at 1.0885.
On Friday, the GBP/USD climbed and almost reached its resistance level at 1.4995. The pair was pulled higher by the weaker dollar which suffered on the back of a speech from FOMC member, Dennis Lockhart. Even though the pair slightly recovered downwards, the trend is not clear and it could take time to return to last week’s low.
Today, the price did not react to disappointing U.K. Industrial Order Expectations which suggests that the pair might range at its current level for a while. Later on, pay attention to a speech from Stanley Fischer. The trend is sideways. Support is found at 1.4630 and resistance at 1.5010.
March 23, 2015 – Forex News
EUR/USD
On Friday, the EUR/USD reacted to another speech from an FOMC member and climbed above 1.0880. Dennis Lockhart said that the interest rate increase should take place by September and although he did not deny that it could happen in June, traders shifted their expectations.
Today at 2.00PM (GMT) the President of the European Central Bank, Mario Draghi, will testify. We expect him to support the quantitative easing program and summarize its pro’s. Any hints that the ECB could increase the budget (which is now at a record high of 1 trillion dollars) should pressure the pair down. At 4.20PM GMT U.S. FOMC member, Stanley Fischer, will speak and as he is usually hawkish we could see the pair move down. Support line is found at 1.0580 and resistance at 1.0885.
GBP/USD
On Friday, the GBP/USD climbed and almost reached its resistance level at 1.4995. The pair was pulled higher by the weaker dollar which suffered on the back of a speech from FOMC member, Dennis Lockhart. Even though the pair slightly recovered downwards, the trend is not clear and it could take time to return to last week’s low.
Today, the price did not react to disappointing U.K. Industrial Order Expectations which suggests that the pair might range at its current level for a while. Later on, pay attention to a speech from Stanley Fischer. The trend is sideways. Support is found at 1.4630 and resistance at 1.5010.
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