Bearish sentiment for the the EUR/USD continued yesterday and the pair dropped to 1.3331, its lowest level since November 2013. The decline comes after weak economic data has weakened the Euro. The fragile recovery in Europe could now be affected by new sanctions placed against Russia. The ECB will be releasing its interest rate decision at 11.45am GMT and it is widely expected that the rate will remain unchanged. However, at 12.30PM (GMT) Mario Draghi will hold a press conference and will most likely make a strong statement regarding the Euro.
The trend is lightly bearish. Support is found at 1.3300 and resistance at 1.3445.
GBP/USD
The GBP/USD declined after the U.K. Manufacturing Production index came out below expectations. However, the pair reversed ay 1.6820 and now seems to be ranging before the UK Official Bank Rate Release which will be announced at 11AM GMT. If data is positive and points to improving economic conditions we could see the pair move back above 1.7000. Any dovish comments, however, might send the pair below 1.6800.
The trend is sideways. Support is found at 1.6800 and resistance at 1.6890.
August 7, 2014 – Forex News
Hot asset for today: EUR/USD
EUR/USD
Bearish sentiment for the the EUR/USD continued yesterday and the pair dropped to 1.3331, its lowest level since November 2013. The decline comes after weak economic data has weakened the Euro. The fragile recovery in Europe could now be affected by new sanctions placed against Russia. The ECB will be releasing its interest rate decision at 11.45am GMT and it is widely expected that the rate will remain unchanged. However, at 12.30PM (GMT) Mario Draghi will hold a press conference and will most likely make a strong statement regarding the Euro.
The trend is lightly bearish. Support is found at 1.3300 and resistance at 1.3445.
GBP/USD
The GBP/USD declined after the U.K. Manufacturing Production index came out below expectations. However, the pair reversed ay 1.6820 and now seems to be ranging before the UK Official Bank Rate Release which will be announced at 11AM GMT. If data is positive and points to improving economic conditions we could see the pair move back above 1.7000. Any dovish comments, however, might send the pair below 1.6800.
The trend is sideways. Support is found at 1.6800 and resistance at 1.6890.
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