Daily Forex News on EUR USD
Forex technical analysis and recent forex news shows that, EUR market increased against the USD yesterday. EUR USD market closed at 1.0625. Today expected market range 1.0622 – 1.0635.
Today the EUR/USD started at 1.0625 in Asia, up from yesterday close. The EUR/USD is trading now at 1.0699, which is down from today’s opening price.
There has been no major economic news from the Euro or the US region for the past 2 days and with nothing to drive the prices on either side, we saw the options players trying to control the market so that they can keep their option entries safe. Unless traders have an understanding of this, they may not be able to make much sense of the market movements (or the lack of it) over the past couple of days.
Today, we have a range of data to be released from the US which includes the unemployment claims and the oil inventory. But the bigger news would the the FOMC minutes which would be released in the middle of the NY session. The markets have priced in a December rate hike by over 95% and so they would be looking at the minutes for further confirmation of the same. They are also likely to look for clues and guidance for further rate hikes over the next year as well. Any hints or news to the contrary could lead to a bout of USD weakness while a confirmation of the hikes would only further bolster the USD strength which we have been seeing over the past couple of weeks.
Daily Technical Support and Resistance
The EUR/USD pair will find its immediate support at 1.0619. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0612 and 1.0604. On the other side the market has immediate resistance 1.0633. If, market breaks the primary resistance level then, market will go for the new resistance level 1.0640 and 1.0648.
Expected trading range for today is between 1.0622 supports and 1.0635 resistances.
Along with technical analysis following economic event is very important to analyze the financial market properly.
Upcoming Important Economic News in EUROPE: (GMT +2)
1. French Flash Manufacturing PMI at 10am
2. French Flash Services PMI at 10am
3. German Flash Manufacturing PMI at 10.30am
4. German Flash Services PMI at 10.30am
5. Flash Manufacturing PMI at 11am
6. Flash Services PMI at 11am
7. German 10-y Bond Auction ( all day long)