Forex News: After dipping into the area around 1.1735, the pair recovered and moved higher, breaking 1.1775 and reaching the 50 period EMA. The U.S. Building Permits came out lower than expected, facilitating the climb.
Daily FX Analysis
Forex News: The Euro weakened yesterday after a disappointing German ZEW survey and this allowed the pair to break support and to move south for almost the entire trading session.
Fores News: The pair spiked higher Friday when the U.S. Consumer Price Index showed a value below expectations. However, most of the US Dollar losses were soon erased and the pair finished the week below resistance.
Forex News: After reaching the resistance at 1.1875, the pair bounced lower, due to the technical reasons outlined yesterday but also due to upbeat US Dollar sentiment triggered by positive economic data.
Forex News: The pair continued on a bullish path before the FOMC Meeting Minutes release, which revealed that some Fed officials fear that low inflation is not “only transitory”. The greenback weakened at the time of the release but volatility remained relatively normal.
Forex News: Yesterday the pair climbed above the 50 period Exponential Moving Average, extending the bullish move and printing a higher high. Overall price is still in a range but with a bullish bias.
Forex News: The pair remained in a relatively tight range yesterday and no special developments took place, mostly because the economic calendar lacked any important announcements.
Forex News: Friday, after an initial drop below 1.1700, the pair started to climb, mostly on US Dollar weakness triggered by the disappointing Non-Farm Payrolls report. Overall price action was choppy and volatility remained low until the NFP release.
Forex News: Yesterday the pair failed to break the resistance at 1.1775 and bounced lower as a consequence, reaching the target at 1.1713. The U.S. economic data released during the day was positive, thus aiding the drop.