On Friday, the EUR/USD pair broke through one resistance level and reached a second resistance at 1.0850. The pair then lost momentum and started to drop to its current level of 1.0760. The previous bullish sentiment, which was supported by progressing EU CPI data, changed to bearish sentiment as no agreement has been made between Greece and their creditors. Despite remarks from the President of the ECB, Mario Draghi, who denied rumours regarding a Grexit, most believe this scenario is very high. If the likelihood reaches 50%, the pair might reach parity.
Today, the pair is falling. There will be no important economic announcements. The trend is slightly bearish. Support is found at 1.0620 and resistance at 1.0850.
On Friday, the GBP/USD pair broke through the psychological level of 1.5000 and climbed to a high of 1.5055. The pair was supported by strong U.K. labour data as the British unemployment rate declined to 5.6% which is its lowest rate since July 2008. In addition, 248K more people were employed compared to the previous month. The data caused momentum for the pair and it rallied upwards before rebounding back down to its current level of 1.4920. The drop was supported as U.S. Consumer Sentiment data came higher than expected.
Today, there will be no important economic releases so traders should trade more technically. We may also see a downwards price correction following last week’s gains. The trend is sideways. Support is found at 1.4885 and resistance at 15055.
April 20, 2015 – Forex News
Hot asset for today: EUR
EUR/USD
On Friday, the EUR/USD pair broke through one resistance level and reached a second resistance at 1.0850. The pair then lost momentum and started to drop to its current level of 1.0760. The previous bullish sentiment, which was supported by progressing EU CPI data, changed to bearish sentiment as no agreement has been made between Greece and their creditors. Despite remarks from the President of the ECB, Mario Draghi, who denied rumours regarding a Grexit, most believe this scenario is very high. If the likelihood reaches 50%, the pair might reach parity.
Today, the pair is falling. There will be no important economic announcements. The trend is slightly bearish. Support is found at 1.0620 and resistance at 1.0850.
GBP/USD
On Friday, the GBP/USD pair broke through the psychological level of 1.5000 and climbed to a high of 1.5055. The pair was supported by strong U.K. labour data as the British unemployment rate declined to 5.6% which is its lowest rate since July 2008. In addition, 248K more people were employed compared to the previous month. The data caused momentum for the pair and it rallied upwards before rebounding back down to its current level of 1.4920. The drop was supported as U.S. Consumer Sentiment data came higher than expected.
Today, there will be no important economic releases so traders should trade more technically. We may also see a downwards price correction following last week’s gains. The trend is sideways. Support is found at 1.4885 and resistance at 15055.
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