Daily Forex News On EUR USD
Forex technical analysis and daily 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 is heading to its multi year lows. Besides USD is very strong at this economic situation. It seems to have affected the euro the most and the euro looks extremely weak at this point of time. The trigger for the latest round of USD strength came when the Fed Chief Yellen testified yesterday in which she said that the time for the hike is extremely close and she also said that it was important not to delay the hike too much as well. The market has taken this as a confirmation of a December rate hike and the USD has been gaining in strength ever since.
Daily Technical Support and Resistance
In terms of Technical analysis the EUR/USD pair will find its immediate support at 1.0586. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0543 and 1.0510. On the other side the market has immediate resistance 1.0637. If, market breaks the primary resistance level then, market will go for the new resistance level 1.0644 and 1.0651.
Expected trading range for today is between 1.0625 supports and 1.0650 resistances.
there is no hot news to be released from the Euro or the US regions and so we might expect some more consolidation in this pair between 1.0600 and 1.0700.
Along with technical analysis following economic event is very important to analyze the financial market properly.
Upcoming Important Economic News in EUROPE: (GMT +3)
- Consumer Confidence at 6.00pm