Forex News: The pair continued to trade in a range yesterday and showed a bounce at resistance followed by a failed break of support. The US data was mixed and didn’t have a notable impact on price action.
Daily FX Analysis
Forex News: The Final version of the European CPI was in line with expectations, posting a 1.4% change and the pair remained inside a range for most of yesterday’s session.
Forex News: The pair finally retraced lower during yesterday’s trading session after failing to break 1.2280 resistance. The move was mostly technical as no major economic data was released for either currency in the pair.
Forex News: Price action remained bullish yesterday but without any major developments coming from the fundamental scene. The pair reached the long term resistance at 1.2280 and bounced lower.
Forex News: Friday’s US data was mixed and did little to stop the assault of the Euro, which was boosted by positive news coming from the German political scene. The pair climbed strongly for the entire day, finishing the session more than 150 pips higher.
Forex News: The ECB revealed yesterday that some changes to the interest rate or QE program might be coming in early 2018 and this was the reason for the strong climb, which was further fuelled by a disappointing U.S. Producer Price Index.
Forex News: During yesterday’s trading session the US Dollar took a big hit after news emerged that China is planning to stop buying US government bonds. The pair rallied sharply into 1.2000 area but the level is still holding at the time of writing.
Forex News: The US Dollar continued to strengthen yesterday and the pair was dominated by the bears who managed to break the support at 1.1945 as previously anticipated.
Forex News: Monday’s trading session belonged to the bears and the US Dollar made substantial advances south, breaking key support. Part of the US Dollar demand was due to expectations that the Fed may hike rates again in March.