After dropping to 1.2125 on the back of Greek elections, the EUR/USD corrected and reached a high of 1.2185. During the U.S session, volatility was low despite the release of Consumer Confidence data. The reading was expected to be the highest seen since 2007 at 94.6, however, it disappointed the market and missed expectations. The pair showed little reaction and is currently trading around 1.2155.
Today, traders should watch U.S. employment and housing data. Volatility should then decrease as markets will close for New Year’s Eve celebrations and will remain closed tomorrow. The movement is sideways. Support is found at 1.2120 and resistance at 1.2220.
On Tuesday, the GBP/USD retraced most of its previous drop and climbed above 1.5540. The pair increased further following negative U.S. data and reached a high of 1.5575. U.S. Consumer confidence missed expectations and came out at 92.6.
The pair is expected to range for most of the day ahead of New Year’s Eve celebrations. Volatility could pick up during the U.S session as Initial Jobless Claims data will be released at 1.30PM (GMT) and Pending Home Sales at 3PM (GMT). The movement is sideways. Support is found at 1.5500 and resistance at 1.5585.
December 31, 2014 – Forex News
Hot asset for today: EUR/USD
EUR/USD
After dropping to 1.2125 on the back of Greek elections, the EUR/USD corrected and reached a high of 1.2185. During the U.S session, volatility was low despite the release of Consumer Confidence data. The reading was expected to be the highest seen since 2007 at 94.6, however, it disappointed the market and missed expectations. The pair showed little reaction and is currently trading around 1.2155.
Today, traders should watch U.S. employment and housing data. Volatility should then decrease as markets will close for New Year’s Eve celebrations and will remain closed tomorrow. The movement is sideways. Support is found at 1.2120 and resistance at 1.2220.
GBP/USD
On Tuesday, the GBP/USD retraced most of its previous drop and climbed above 1.5540. The pair increased further following negative U.S. data and reached a high of 1.5575. U.S. Consumer confidence missed expectations and came out at 92.6.
The pair is expected to range for most of the day ahead of New Year’s Eve celebrations. Volatility could pick up during the U.S session as Initial Jobless Claims data will be released at 1.30PM (GMT) and Pending Home Sales at 3PM (GMT). The movement is sideways. Support is found at 1.5500 and resistance at 1.5585.
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