Yesterday, volatility declined for the EUR/USD and the pair traded sideways between 1.1300 and 1.1360. The pair remained relatively high as the U.S Manufacturing PMI came out at its lowest in a year. In addition, the pair was supported by speculation that the Swiss National Bank will peg the Swiss franc against the euro again. Based on the movement, we can infer that there is indecision on the market and this could continue today.
No important economic data will be released today. However, traders should still watch the U.S. Factory Orders data which will be released at 3.00PM (GMT). The movement is sideways. Support is found at 1.1270 and resistance at 1.1360.
The GBP/USD remained low and bounced off 1.5000. The pair moved higher despite strong British Manufacturing PMI data and disappointing U.S. data which weakened the dollar. The lower price was most likely caused by upcoming events.
Today, the U.K. Construction PMI will be released at 9.30AM (GMT) and is expected to slightly decrease from last month’s reading. The movement is currently sideways. The support line is found at 1.4950 and resistance line at 1.5100.
February 3, 2015 – Forex News
Hot asset for today: EUR/USD
EUR/USD
Yesterday, volatility declined for the EUR/USD and the pair traded sideways between 1.1300 and 1.1360. The pair remained relatively high as the U.S Manufacturing PMI came out at its lowest in a year. In addition, the pair was supported by speculation that the Swiss National Bank will peg the Swiss franc against the euro again. Based on the movement, we can infer that there is indecision on the market and this could continue today.
No important economic data will be released today. However, traders should still watch the U.S. Factory Orders data which will be released at 3.00PM (GMT). The movement is sideways. Support is found at 1.1270 and resistance at 1.1360.
GBP/USD
The GBP/USD remained low and bounced off 1.5000. The pair moved higher despite strong British Manufacturing PMI data and disappointing U.S. data which weakened the dollar. The lower price was most likely caused by upcoming events.
Today, the U.K. Construction PMI will be released at 9.30AM (GMT) and is expected to slightly decrease from last month’s reading. The movement is currently sideways. The support line is found at 1.4950 and resistance line at 1.5100.
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