The EUR/USD is down slightly today as it continues retracing gains from yesterday and the day before. However, the amount of movement is decreasing, and the it is possible the pair may start ranging soon in anticipation of Manufacturing PMI data from numerous countries (Spain at 7:13 GMT, Italy at 7:45 GMT, France at 7:45 GMT, Germany at 7:55 GMTand the whole Eurozone at 8:00 GMT). Keep in mind, this is not the most important data coming out today. At 12:30 GMT. the US Nonfarm Payrolls data will be released – moving any major pair quite substantially. Be sure to prioritize the results of this event when trading. Look for support at 1.3778 and resistance at 1.388.
After dropping yesterday, the USD/JPY is on the rise today in anticipation of the Non-farm Payrolls data. Due to strong US manufacturing data yesterday and strong ADP Non-farm employment change data earlier in the week, many are predicting that today’s report will be bullish. Thus, it would not be surprising to see continued upward movement for a while before the release of the data. Though there is upward pressure on the yen from better than expected Household Spending data from Japan, today’s events in America will be the primary source of movement for the pair. Look for support at 101.95 and resistance at 102.77.
May 2, 2014 – Forex News
Hot Asset For Today: EUR/USD
After dropping yesterday, the USD/JPY is on the rise today in anticipation of the Non-farm Payrolls data. Due to strong US manufacturing data yesterday and strong ADP Non-farm employment change data earlier in the week, many are predicting that today’s report will be bullish. Thus, it would not be surprising to see continued upward movement for a while before the release of the data. Though there is upward pressure on the yen from better than expected Household Spending data from Japan, today’s events in America will be the primary source of movement for the pair. Look for support at 101.95 and resistance at 102.77.
Related Posts: