On Tuesday, the EUR/USD traded with high volatility. The Euro group accepted the draft of reforms from Greece and Mario Draghi took this as a “valid starting point”. U.S. CB Consumer Confidence data was released and declined more than expected, negatively affecting the U.S. Dollar. Janet Yellen also spoke but her testimony did not convince traders that there would be an interest rate increase in June. The pair settled slightly higher around 1.1350.
Today, Yellen will be speaking again but before the House of Financial Services Committee. At 4.30PM (GMT), the president of the ECB will speak before the European Parliament.The movement is sideways. Support is found at 1.1270 and resistance is at 1.1445.
Yesterday, the GBP/USD reached a new 6 week high. The movement continued today and the pair tested its resistance at 1.5500. Bullish sentiment is seen as traders are assessing Janet Yellen’s testimony in which she stated that the target rate will remain unchanged for at least a couple of FOMC meetings. Despite the fact that this statement does not necessarily mean that the interest rate hike won’t take in June, most traders shifted their expectations to September.
Today, traders should pay attention to the BoE Governor, Mark Carney’s, Inflation Hearing which is scheduled for 10.00AM (GMT). Later on, at 3.00PM (GMT) Janet Yellen will read her testimony before the House of the Financial Senate. The trend is slightly bullish. Support is found at 1.5405 and resistance at 1.5550.
February 25, 2015 – Forex News
Hot asset for today: EUR/USD
EUR/USD
On Tuesday, the EUR/USD traded with high volatility. The Euro group accepted the draft of reforms from Greece and Mario Draghi took this as a “valid starting point”. U.S. CB Consumer Confidence data was released and declined more than expected, negatively affecting the U.S. Dollar. Janet Yellen also spoke but her testimony did not convince traders that there would be an interest rate increase in June. The pair settled slightly higher around 1.1350.
Today, Yellen will be speaking again but before the House of Financial Services Committee. At 4.30PM (GMT), the president of the ECB will speak before the European Parliament.The movement is sideways. Support is found at 1.1270 and resistance is at 1.1445.
GBP/USD
Yesterday, the GBP/USD reached a new 6 week high. The movement continued today and the pair tested its resistance at 1.5500. Bullish sentiment is seen as traders are assessing Janet Yellen’s testimony in which she stated that the target rate will remain unchanged for at least a couple of FOMC meetings. Despite the fact that this statement does not necessarily mean that the interest rate hike won’t take in June, most traders shifted their expectations to September.
Today, traders should pay attention to the BoE Governor, Mark Carney’s, Inflation Hearing which is scheduled for 10.00AM (GMT). Later on, at 3.00PM (GMT) Janet Yellen will read her testimony before the House of the Financial Senate. The trend is slightly bullish. Support is found at 1.5405 and resistance at 1.5550.
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