The EUR/USD started the week by climbing up to 1.2500, despite the U.S Dollar experiencing bearish sentiment. However the pair then dropped back down to 1.2410. Traders were assessing labour data from the U.S but the conclusion was that data remained pretty strong. The employment change remained high and the unemployment rate was the lowest value since 2008.
Today, we expect sideways movement to continue as there will be a public holiday in the U.S; Veteran’s day. The U.S. stock market will be open but there will be no economic releases. The movement is sideways. Support is found at 1.2360 and resistance is at 1.2495.
On Monday, the GBP/USD was driven by the U.S Dollar. The pair first increased to 1.5915 as the market assessed Friday’s labour data but in later hours it fell back to 1.5840. Some analysts now believe that the Greenback is overvalued and expected a price correction. This speculation is fuelled by the fact that the Dollar strengthened more than 3% over the last two weeks.
Low volatility is expected today as no important economic data will be released. We recommend trading technically with short-term expirations. The trend is sideways. Support is found at 1.5790 and resistance at 1.5920.
November 11, 2014 – Forex News
Hot asset for today: Gold
EUR/USD
The EUR/USD started the week by climbing up to 1.2500, despite the U.S Dollar experiencing bearish sentiment. However the pair then dropped back down to 1.2410. Traders were assessing labour data from the U.S but the conclusion was that data remained pretty strong. The employment change remained high and the unemployment rate was the lowest value since 2008.
Today, we expect sideways movement to continue as there will be a public holiday in the U.S; Veteran’s day. The U.S. stock market will be open but there will be no economic releases. The movement is sideways. Support is found at 1.2360 and resistance is at 1.2495.
GBP/USD
On Monday, the GBP/USD was driven by the U.S Dollar. The pair first increased to 1.5915 as the market assessed Friday’s labour data but in later hours it fell back to 1.5840. Some analysts now believe that the Greenback is overvalued and expected a price correction. This speculation is fuelled by the fact that the Dollar strengthened more than 3% over the last two weeks.
Low volatility is expected today as no important economic data will be released. We recommend trading technically with short-term expirations. The trend is sideways. Support is found at 1.5790 and resistance at 1.5920.
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