EUR USD NEWS
Forex technical analysis and recent forex news shows that, EUR market decreased +0.0.07% against the USD yesterday. EUR USD market closed at 1.0691. Today expected market range 1.0647 – 1.0747.
Today the EUR/USD started at 1.0706 in Asia, up from yesterday close. The EUR/USD is trading now at 1.0699, which is down from today’s opening price.
The EUR/USD pair initially rallied on Wednesday but turned around to fall significantly, as we continue to drift down to the 1.05 level underneath. That is an area that has been massively supportive in the past, so makes quite a bit of sense that we could see a bounce from there. In the meantime, I believe that this is a market that continues to show massive berries pressure, and with good reason as there are a lot of concerns when it comes to the European Union.
Today as there is a range of forex news to be released from the US. We have the CPI and Core CPI which will be released just before the beginning of the US session. The market will be expecting some good data on that front so that it can continue to hope and price in a Fed rate hike in December. Even more importantly, we have the Fed Chief speaking a little time after that in which she is expected to confirm the market expectations for a rate hike in December and she is also expected to reiterate that the Fed will continue to operate without any political interference. This confirmation would be required by the markets which have been nervy after the US elections. But if Yellen continues to say that the Fed would hike based on data and chooses not to confirm the rate hike in December, then we could be seeing a bout of USD weakness and the bulls in EURUSD will be in play again.
Daily Technical Support and Resistance
In terms of Technical analysis the EUR/USD pair will find its immediate support at 1.0647. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0605 and 1.0547. On the other side the market has immediate resistance 1.0747. if, market breaks the primary resistance level then, market will go for the new resistance level 1.0805 and 1.0847.
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Expected trading range for today is between 1.0647 supports and 1.0747 resistances.
GBP USD NEWS
GBP USD Forex News shows that, GBP decreased -0.21% against the USD and Yesterday market closed at 1. 2443. To Day market Range 1.2412 – 1.2456.
Today the GBP USD started at 1.2452, which is down from yesterday closes.
The Brexit process is too confusing, too difficult and too risky for investors or traders to base their long term bets on and that is the reason why it will be difficult for the pound to get on a serious and sustained bull run that will foster confidence among the investors and traders. So, any kind of up move will always be seen with a hint of suspicion and will always be viewed as an opportunity to sell, at least in the medium term. This is what we have been seeing in the last few days when the pair has been trying to break out of the rut. It did manage to advance by 200-300 pips over a few days but it has been promptly hit back by the bears and pushed back towards the range below 1.2500.
Today, along with other upcoming economic forex news in USA we will the retail sales data to be released from the UK during the London session and the traders will be seeing whether the data exceeds expectations. After a bout of good data immediately after the Brexit vote, we have been seeing the tapering off of the data as the time goes on and we find that the data has been worser than expected in recent times. We have to see whether that trend continues today as well.
Daily Technical Support and Resistance
Daily Camarilla Forex Technical analysis shows that GBP/USD pair may find the immediate support at 1.2434. If, market breaks the first support then it will go for the following support to test. Following supports are 1.2425 and 1.2417. On the other side the market has immediate resistance at 1.2452. If, market breaks the primary resistance level then, market will go for the new resistance level 1.2461 and 1.2469.
Expected trading range for today is between 1.2412 supports and 1.2456 resistances.
Upcoming Important Economic News: (GMT +3)
1. GBP Retail Sales m/m