Forex News: The European Manufacturing and Services surveys released yesterday showed optimism among purchasing managers and this contributed to the pair’s climb into the key resistance at 1.1860, generating another bullish session.
Daily FX Analysis
Forex News: The FOMC Meeting Minutes revealed yesterday that a few members were worried about weak inflation and were against a near term hike. This generated US Dollar weakness and allowed the pair to climb close to 1.1825 resistance after a bounce at support.
Forex News: Political turmoil in Germany, combined with modest US Dollar strength took the pair below support yesterday. However, price remained in a tight range for almost the entire session.
Forex News: Price dropped very early during yesterday’s trading session but support pushed it higher and all losses were nullified. The Euro was initially unfazed by Draghi’s testimony, who mentioned that economic expansion is solid but was less hawkish about inflation.
Forex News: Friday’s price action was characterized by a sharp climb that nearly touched 1.1825 resistance but soon after, the pair slowed down and consolidated below 1.1800. The U.S. construction data was better than anticipated but the impact was limited.
Forex News: The Final version of the Eurozone CPI matched analysts’ expectations yesterday so the release didn’t have a substantial impact and the pair showed choppy movement throughout the day, with a bearish bias.
Forex News: U.S. data released yesterday was mixed, with the CPI matching expectations and Retail Sales coming above forecast but the US Dollar was mostly unfazed initially and the pair continued its ascension, reaching a high at 1.1860.
Forex News: Selling pressure around the greenback increased yesterday and the pair broke above the resistance at 1.1670, a fact which triggered additional upside movement.
Forex News: The pair showed a ranging session yesterday, approaching the 50 period EMA and then bouncing higher, without enough force to break resistance. The lack of major economic releases contributed to the slow movement.
Forex News: U.S. consumer sentiment data disappointed Friday, allowing the Euro bulls to take price above the 50 period Exponential Moving Average and into the resistance at 1.1670. The pair posted fresh weekly highs but it didn’t exit the ranging phase.