Forex News: The EU Economic Forecasts showed that growth is on the right track and this boosted the Euro during yesterday’s trading session, taking the pair above immediate resistance and above the 50 period Exponential Moving Average.
Daily FX Analysis
Forex News: The choppiness continued yesterday and the pair drifted generally sideways. This was mostly due to a lackluster economic environment, without any important data releases.
Forex News: The pair showed rejection at resistance yesterday and picked up speed, moving south and breaching the previous low at 1.1575. The move was mostly due to increased US Dollar demand, in absence of any notable economic data.
Forex News: Monday’s trading session had a bearish bias but overall action was slow and no major developments took place, mostly due to the lack of fundamental incentives.
Forex News: The U.S. Non-Farm Payrolls released Friday failed to meet the market expectation of 312K but still showed a higher number than previous. This initially created a spike up, which was soon reversed and the pair ended the trading week on support.
Forex News: The pair behaved erratically yesterday and dropped below 1.1600 support just to jump higher immediately after. Price remained below the 50 period Exponential Moving Average but this type of price action calls for caution.
Forex News: The pair remained relatively quiet for the most part of yesterday’s trading session and no special developments took place. The U.S. Consumer Confidence survey posted a value above expectations but the impact was low.
Forex News: The Euro pushed the pair above immediate resistance yesterday, although the German CPI came out slightly below expectations. However, the move was mostly technical and was anticipated due to the oversold condition of the pair.
Forex News: Friday’s trading session belonged to the bears and the pair continued on a downward path. The U.S. Advance GDP posted a value above expectations (actual 3.0%, forecast 2.6%) and this contributed to the drop.