On Monday, the EUR/USD dropped slightly but traded with low volatility in a 60 pip range. The market was quiet due to a lack of news but we expect this to change today. During the Asian session, the pair broke through its support level at 1.0800 and is still trading with negative momentum. German Retail sales and Unemployment Change will be released early in the morning (6.00AM and 7.55AM GMT) and are expected to be worse-than the previous readings. At 9.00AM (GMT) the EU CPI Flash Estimate will be announced and it is expected to remain negative which will further signalize deflation pressures. As the ECB started its huge QE program last month the figure could be positive. At 2.00PM (GMT) the U.S. CB Consumer Confidence is expected to spur demand for dollar.
The trend is slightly bearish. Support is found at 1.0750 and resistance at 1.0950.
Yesterday, the GBP/USD broke through its support level and dropped to a one week low of 1.4750 which seems to be the new support level for the pair. The decline was caused as the U.S. Dollar slightly appreciated before this week’s labour data. However, the move is not supported by any fundamental news which means that negative U.S. data could pull the pair up.
Today, watch the U.K. Current Account and Final GDP release, which will come out at 8.30AM (GMT). For the past 6 months, the Current Account came out worse-than expected and pushed the pair lower. At 2.00PM (GMT) U.S. CB Consumer Confidence will be published and should cause volatility on the market. Two FOMC members will also be speaking; Jeffrey Lacker and Dennis Lockhart. The trend is slightly bearish. Support is found at 1.4750 and resistance at 1.4920.
March 31, 2015 – Forex News
EUR/USD
On Monday, the EUR/USD dropped slightly but traded with low volatility in a 60 pip range. The market was quiet due to a lack of news but we expect this to change today. During the Asian session, the pair broke through its support level at 1.0800 and is still trading with negative momentum. German Retail sales and Unemployment Change will be released early in the morning (6.00AM and 7.55AM GMT) and are expected to be worse-than the previous readings. At 9.00AM (GMT) the EU CPI Flash Estimate will be announced and it is expected to remain negative which will further signalize deflation pressures. As the ECB started its huge QE program last month the figure could be positive. At 2.00PM (GMT) the U.S. CB Consumer Confidence is expected to spur demand for dollar.
The trend is slightly bearish. Support is found at 1.0750 and resistance at 1.0950.
GBP/USD
Yesterday, the GBP/USD broke through its support level and dropped to a one week low of 1.4750 which seems to be the new support level for the pair. The decline was caused as the U.S. Dollar slightly appreciated before this week’s labour data. However, the move is not supported by any fundamental news which means that negative U.S. data could pull the pair up.
Today, watch the U.K. Current Account and Final GDP release, which will come out at 8.30AM (GMT). For the past 6 months, the Current Account came out worse-than expected and pushed the pair lower. At 2.00PM (GMT) U.S. CB Consumer Confidence will be published and should cause volatility on the market. Two FOMC members will also be speaking; Jeffrey Lacker and Dennis Lockhart. The trend is slightly bearish. Support is found at 1.4750 and resistance at 1.4920.