Daily FX Analysis
Forex News: Yesterday the bulls came back into the market, taking the pair above 1.2400 after a bounce at the 50 EMA. The US Consumer Confidence survey came out above expectations but the US Dollar remained mostly unaffected.
Forex News: The sellers were in control for the most part of yesterday’s trading session, mostly due to technical reasons because the fundamental scene was calm and without any notable releases.
Forex News: Friday the Advance version of the US Gross Domestic Product showed a very disappointing figure of just 2.6%, compared to the expected 3.0% but the previous value was revised better. All this generated a mixed trading session, with choppy movement.
Forex News: The ECB kept the rates unchanged as it was widely anticipated but during the press conference, ECB President Draghi noted that economic risks remain balanced and this was perceived as bullish for the Euro, allowing the pair to climb.
Forex News: Yesterday the US Dollar remained under heavy selling pressure for the entire trading session and the pair made huge advances, reaching the resistance zone around 1.2400.
Forex News: The pair remained in a tight range for most of yesterday’s trading session but later in the afternoon bullish pressure increased and we saw a break of the horizontal channel. However, it remains to be seen whether this break is true or not.
Forex News: The pair remained inside the range for the entire yesterday’s trading session, mostly due to the lack of any fundamental developments or economic data releases. Trading was choppy and without important advances to either side.
Forex News: Friday we saw mixed price action and yet another move into resistance that resulted in a bounce lower. The US Consumer Sentiment survey posted a lower than expected reading but the US Dollar still gained against the Euro and overall price remained in range-mode.
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.