Yesterday, the EUR/USD pair moved slightly up but the overall trend can be classify as sideways. The pair did not reacted much on Mario Draghi’s testimony where he introduced program to boost credit with a new lending program for banks. Draghi said that ECB could provide as much as 1 trillion euros to spur the low inflation. The pair is now waiting for further data to come. First, in the morning we should pay attention to the ZEW Economic Sentiment which is coming out at 9.00AM (GMT). The expectations is to see some stronger data, however last two releases disappointed market. At 12.30PM (GMT) the U.S. Retail Sales data should give us first trading opportunities before Janet Yellen testimony at 2.00PM (GMT). The movement is sideways. The support is lying at 1.3570 and resistance at 1.3650.
The GBP/USD pair fell down on Monday and erased about 60 pips. The movement was driven by British pound which depreciated after impressive strengthening in the beginning of July. British pound which reached the highest value since 2008 did not get enough data to remain strong. Therefore today’s CPI data which will come out at 8.30AM (GMT) and Mark Carney’s testimony at 9.00AM (GMT) might give the pair positive push if there will be signs of earlier interest rate hike. Investors should then keep an eye on the U.S. market where Retail sales data will be released and Janet Yellen will testify. The movement is slightly bearish. The support is lying at 1.7050 and resistance at 1.7100.
July 15, 2014 – Forex News
Hot asset for today: GBP/USD
Yesterday, the EUR/USD pair moved slightly up but the overall trend can be classify as sideways. The pair did not reacted much on Mario Draghi’s testimony where he introduced program to boost credit with a new lending program for banks. Draghi said that ECB could provide as much as 1 trillion euros to spur the low inflation. The pair is now waiting for further data to come. First, in the morning we should pay attention to the ZEW Economic Sentiment which is coming out at 9.00AM (GMT). The expectations is to see some stronger data, however last two releases disappointed market. At 12.30PM (GMT) the U.S. Retail Sales data should give us first trading opportunities before Janet Yellen testimony at 2.00PM (GMT). The movement is sideways. The support is lying at 1.3570 and resistance at 1.3650.
The GBP/USD pair fell down on Monday and erased about 60 pips. The movement was driven by British pound which depreciated after impressive strengthening in the beginning of July. British pound which reached the highest value since 2008 did not get enough data to remain strong. Therefore today’s CPI data which will come out at 8.30AM (GMT) and Mark Carney’s testimony at 9.00AM (GMT) might give the pair positive push if there will be signs of earlier interest rate hike. Investors should then keep an eye on the U.S. market where Retail sales data will be released and Janet Yellen will testify. The movement is slightly bearish. The support is lying at 1.7050 and resistance at 1.7100.