The EUR/USD broke through its resistance and climbed to almost 2 month high. The reason why the pair moved so high came from both markets. Investors are disappointed by U.S. stock performance which declined in two days by more than 1%. The pair also reacted on very good EU fundamental data. Yesterday we saw that the Eurozone economic growth is at 3 year high which spurred demand for Euro and pull the pair to 1.3950 where reversed. Today we should pay attention to German Factory Orders which are coming out at 6.00AM (GMT). Later today at 2.00PM (GMT) Fed chairman Janet Yellen testifies before Joint Economic Committee of Congress. That might cause some good trading opportunities. Today EUR/USD has support of 1.3850 and resistance of 1.3950.
The GBP/USD pair reached new 4 year high as the U.S. dollar fell on the back of bad stock data. The pair managed to break through resistance and move almost to 1.7000 level. That level will be hard to break as a psychological level and some fundamental data will be needed. Today there are no economic data coming from U.K. market so we should focus just on the U.S. market. At 12.30PM (GMT) the Nonfarm Productivity rate will be released. The expectation is to see decrease (-0.9%) which is positive for the dollar and might erased part of previous losses. We should not forget about Janet Yellen testimony at 2.00PM (GMT). Today GBP/USD has a support of 1.6920 and a resistance of 1.7000.
The USD/JPY pair started this week in bearish mood and as we can see the mood has remained. The pair already decreased by almost 100 pips as the U.S. dollar weakened. Today during the Asian session was the first day of trading in Japan after the weekend due to public holidays. The Japanese Minutes of the monetary policy were already released and supported the Yen. The speculation over possible adding of monetary stimulus slightly decrease and that pushing the pair lower. Today we should keep an eye on the testimony of Janet Yellen. Today USD/JPY has support of 101.30 and resistance of 101.85.
May 7, 2014 – Forex News
Hot Asset for Today: EUR/USD
The EUR/USD broke through its resistance and climbed to almost 2 month high. The reason why the pair moved so high came from both markets. Investors are disappointed by U.S. stock performance which declined in two days by more than 1%. The pair also reacted on very good EU fundamental data. Yesterday we saw that the Eurozone economic growth is at 3 year high which spurred demand for Euro and pull the pair to 1.3950 where reversed. Today we should pay attention to German Factory Orders which are coming out at 6.00AM (GMT). Later today at 2.00PM (GMT) Fed chairman Janet Yellen testifies before Joint Economic Committee of Congress. That might cause some good trading opportunities. Today EUR/USD has support of 1.3850 and resistance of 1.3950.
The GBP/USD pair reached new 4 year high as the U.S. dollar fell on the back of bad stock data. The pair managed to break through resistance and move almost to 1.7000 level. That level will be hard to break as a psychological level and some fundamental data will be needed. Today there are no economic data coming from U.K. market so we should focus just on the U.S. market. At 12.30PM (GMT) the Nonfarm Productivity rate will be released. The expectation is to see decrease (-0.9%) which is positive for the dollar and might erased part of previous losses. We should not forget about Janet Yellen testimony at 2.00PM (GMT). Today GBP/USD has a support of 1.6920 and a resistance of 1.7000.
The USD/JPY pair started this week in bearish mood and as we can see the mood has remained. The pair already decreased by almost 100 pips as the U.S. dollar weakened. Today during the Asian session was the first day of trading in Japan after the weekend due to public holidays. The Japanese Minutes of the monetary policy were already released and supported the Yen. The speculation over possible adding of monetary stimulus slightly decrease and that pushing the pair lower. Today we should keep an eye on the testimony of Janet Yellen. Today USD/JPY has support of 101.30 and resistance of 101.85.
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