On Monday, the EUR/USD corrected upwards and tested its resistance level. The main driver of the movement was the Euro which strengthened as nervousness that Greece could exit the Euro-zone faded out. In addition, German Ifo Business Confidence data met expectations, showing its highest figure since July 2014.
Today, we could see the pair fall back towards its support level if U.S. Core Durable Goods Orders data is stronger than the expected 0.6%. We may also see some speculation ahead of tomorrow’s FOMC meeting. The movement is sideways. Support is found at 1.1100 and resistance at 1.1300.
The GBP/USD climbed and broke through its resistance level at 1.5060. The momentum continued and the pair reached its current level of 1.5100 where it is now ranging. The sterling appreciated as the Bank of England’s policy maker, Kristin Forbes, stated that the stronger global economy could trigger an interest rate hike sooner than currently expected. According to Bloomberg, a strategist at Bank of America Merrill Lynch, Kamal Sharma said that “the U.K. currency will appreciate to $1.53 by the end of the first quarter”.
Today, watch the U.K. GDP data which will be released at 9.30AM (GMT). U.S. Core Durable Goods Orders will be released at 1.30PM (GMT) and U.S. CB Consumer Confidence will be announced at 3PM (GMT). The movement is slightly bullish. Support is found at 1.4950 and resistance at 1.5210.
January 27, 2015 – Forex News
Hot asset for today: EUR/USD
EUR/USD
On Monday, the EUR/USD corrected upwards and tested its resistance level. The main driver of the movement was the Euro which strengthened as nervousness that Greece could exit the Euro-zone faded out. In addition, German Ifo Business Confidence data met expectations, showing its highest figure since July 2014.
Today, we could see the pair fall back towards its support level if U.S. Core Durable Goods Orders data is stronger than the expected 0.6%. We may also see some speculation ahead of tomorrow’s FOMC meeting. The movement is sideways. Support is found at 1.1100 and resistance at 1.1300.
GBP/USD
The GBP/USD climbed and broke through its resistance level at 1.5060. The momentum continued and the pair reached its current level of 1.5100 where it is now ranging. The sterling appreciated as the Bank of England’s policy maker, Kristin Forbes, stated that the stronger global economy could trigger an interest rate hike sooner than currently expected. According to Bloomberg, a strategist at Bank of America Merrill Lynch, Kamal Sharma said that “the U.K. currency will appreciate to $1.53 by the end of the first quarter”.
Today, watch the U.K. GDP data which will be released at 9.30AM (GMT). U.S. Core Durable Goods Orders will be released at 1.30PM (GMT) and U.S. CB Consumer Confidence will be announced at 3PM (GMT). The movement is slightly bullish. Support is found at 1.4950 and resistance at 1.5210.
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