XtreamForex

Daily Forex News 15th November, 2016

EUR USD

Today forex news shows EUR market decreased -0.40% against the USD yesterday. EUR USD market closed at 1. 0737. Today market will range 1.0709 – 1.0840

Today the EUR / USD started at 1.0745 in Asia, up from yesterday close. The EUR USD is trading now at 1.0752, which is 0.14% up from today’s opening price.
Today we have the German Preliminary GDP that will be released during the early Euro session and the retail sales data that will be released from the US just before the beginning of the NY session. Both these data would be watched closely to see the strengths of the relative economies and in the US, it would be watched to see if the data meets or exceeds expectations so that it would help to further confirm the market expectations for a hike by the US Fed in December. Any miss in the retail sales data would be USD negative in the short term and could give some respite for the bulls in the EURUSD pair.

Daily Technical Support and Resistance:

As per Camarilla Forex Technical analysis the EUR/USD pair may find the immediate support at 1.0724. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0710 and 1.0697.

On the other side the immediate resistance 1.0750 and may go for further test 1.0764. A break beyond the last, doors will open for a test of 1.0777.

Expected trading range for today is between 1.0777 support and 1.0840 resistance.

Today EURUSD Investors will look forward to the following economic data (GMT+3):

1. EUR – German Prelim GDP q/q
2. EUR – French Final CPI m/m
3. EUR – Italian Prelim GDP q/q
4. EUR – Flash GDP q/q
5. EUR – German ZEW Economic Sentiment
6. EUR – Trade Balance
7. EUR – ZEW Economic Sentiment

GBP USD

Today forex news shows shows GBP decreased -0.35% against the USD and Yesterday market closed at 1. 2496. Day’s Range 1.2484 – 1.2529

Today the GBP USD started at 1.2515, which is up from yesterday closes.

Today we have the Inflation Report Hearings which will be released during the London session and this will give further insights into how the UK economy is coping up with the Brexit process. With the UK PM May making it clear that Article 50 cannot be revoked once the invocation is done and with the Parliament set for a long drawn out debate on the invocation, the market will be watching all the happenings very closely to look for clues on how the entire process is going to pan out. In the meantime, we can expect the pair to continue to consolidate with a bullish bias on either side of 1.2500 which should be a welcome change for investors who had been battered with the bearishness in the pound ever since the Brexit vote.

Daily Technical Support and Resistance:

Daily Camarilla Forex Technical analysis shows that GBP/USD pair may find the immediate support at 1.2471. If, market breaks the first support then it will go for the following support to test. Following supports are 1.2455 and 1.2439.

On the other side the immediate resistance 1.2503. A break beyond the last, doors will open for a test of 1.2519 and from there to 1.2535.

Expected trading range for today is between 1.2510 supports and 1.2593 resistances.

Upcoming Important Economic Market News: (GMT +3)

1. GBP – CPI y/y
2. GBP – PPI Input m/m
3. GBP – RPI y/y
4. GBP – Core CPI y/y
5. GBP – HPI y/y
6. GBP – PPI Output m/m
7. GBP – Inflation Report Hearings

USD JPY

As per Technical forex news USD JPY increased +0.55% against the USD yesterday during USA session and the pair was closed at 108.41

With no economic releases in Japan today, trading trend in the JPY is expected to be determined by global macroeconomic factors.

Daily Technical Support and Resistance:

Daily Camarilla Technical analysis shows USD/JPY pair may find the immediate support at 108.23. If, market breaks the first support then it will go for the following support to test. Following supports are 108.04 and 107.86.

On the other side the immediate resistance 108.61. A break beyond the last, doors will open for a test of 108.80 and from there to 108.98.

Expected trading range for today is between 106.74 support and 107.59 resistance.

Upcoming Economic Market News: (GMT +3)

1. USD – Core Retail Sales m/m
2. USD – Retail Sales m/m
3. USD – Empire State Manufacturing Index
4. USD – Import Prices m/m
5. USD – Business Inventories m/m
6. AUD – RBA Gov Lowe Speaks at 11.15 am
7. NZD – GDT Price Index

Read More of Our Technical Market News and Analysis