Topic: Daily Market News by Xtreamforex.com

EUR / USD

The EUR declined 0.32% against the USD on Friday and closed at 1.1157.

The Euro was under pressure early in the prior week as sentiment surged towards the USD following some comments from the Fed’s Janet Yellen which suggested that the requirements for a rate hike had almost been met. Subsequently, it is salient to take a quick look at what occurred last week and what is potentially on the horizon for the pair.

The pair is expected to find support at 1.1172 and fall through could take it to the next support level 1.1169

The pair is expected to find its first resistance at 1.1180 and arise through could take it to the next resistance level of 1.1185

Re: Daily Market News by Xtreamforex.com

EUR/USD – Daily Market News By Xtreamforex.com

The EUR declined 0.21% against the USD and closed at 1.1200. The currency pair is trading below its 20 Hr and 50 Hr moving averages.

Germany’s producer price index unexpectedly dropped by 0.1% on a monthly basis in August, compared to market expectations for a flat reading and following a rise of 0.2% in the prior month.

Macroeconomic data released in the US indicated that housing starts dropped more-than-expected by 5.8% on a monthly basis in August, to an annual rate of 1142.0K, dampening optimism over the health of the nation’s housing sector. Markets were anticipating housing starts to ease to a level of 1190.0K, compared to a revised level of 1212.0K in the previous month. Additionally, the nation’s building permits surprisingly fell by 0.4% MoM in August, to an annual rate of 1139.0K, compared to a revised reading of 1144.0K in the previous month.

During Asian session the pair was trading at 1.1154, with the EUR trading marginally higher against the USD from yesterday’s close.

The pair is expected to find support at 1.1128, and a fall through could take it to the next support level of 1.1101.

The pair is expected to find its first resistance at 1.1197, and a rise through could take it to the next resistance level of 1.1239.

All investors attention to the outcome of the Federal Reserve’s monetary policy meeting, scheduled to be held later today.

Re: Daily Market News by Xtreamforex.com

EUR/USD - Daily Market News By XtreamForex
The EUR declined 0.21% against the USD and closed at 1.1200. The currency pair is trading below its 20 Hr and 50 Hr moving averages.

Germany’s producer price index unexpectedly dropped by 0.1% on a monthly basis in August, compared to market expectations for a flat reading and following a rise of 0.2% in the prior month.

Macroeconomic data released in the US indicated that housing starts dropped more-than-expected by 5.8% on a monthly basis in August, to an annual rate of 1142.0K, dampening optimism over the health of the nation’s housing sector. Markets were anticipating housing starts to ease to a level of 1190.0K, compared to a revised level of 1212.0K in the previous month. Additionally, the nation’s building permits surprisingly fell by 0.4% MoM in August, to an annual rate of 1139.0K, compared to a revised reading of 1144.0K in the previous month.

During Asian session the pair was trading at 1.1154, with the EUR trading marginally higher against the USD from yesterday’s close.

The pair is expected to find support at 1.1128, and a fall through could take it to the next support level of 1.1101.
The pair is expected to find its first resistance at 1.1197, and a rise through could take it to the next resistance level of 1.1239.

All investors attention to the outcome of the Federal Reserve’s monetary policy meeting, scheduled to be held later today.

Re: Daily Market News by Xtreamforex.com

FOREX – Market Morning Briefing

The Major currencies gained against the Dollar last night even as Equities fell globally. But, most of them are back near levels seen yesterday morning and could cede some more ground to the Dollar. The really big gainer is the Aussie (0.7658) which has moved up from a low of 0.7610, as it seems to be benefitting from strength in Commodities in general. As suggested yesterday, a rise towards 0.7710-45 is possible.

Crucial Support at 100 is holding on Dollar-Yen (100.68) so far and a test of 101.90 may be possible. But there will be a sharp decline in case the Support at 100 breaks. Euro (1.1240) has found Resistance near 1.1280 last night and could dip towards 1.1200-1150.

The Pound (1.2973) is appearing increasingly vulnerable to a fall towards 1.2825-2785, which could accelarate into a deeper decline later. It is already losing against the Euro (EURGBP = 0.8665) and Yen (GBPJPY = 130.66). However, like Dollar-Yen, the Pound-Yen might not break below 129.00 easily.

Asian currencies, especially the Malaysian Ringgitt (4.1246),are relatively weak. On the other hand, the BRIC currencies, in general, remain strong at the moment, but could give back their gains in the coming weeks.

COMMODITIES – Market Morning Briefing

Commodities are generally strong over the last few days.

Brent (47.16) and WTI (45.82) look biddish despite the confusion surrounding the OPEC/ Saudi Arabia talks. Brent can rise towards 48-49 in the near term and the WTI can rise towards 48. But, a sharp decline could take place at the higher levels if the ongoing talks end in acrimony.

Gold (1335) might try to move up towards 1350-60 within its overall sideways range of 1310-60. Whether it gets sold off strongly at 1360 or not is going to be crucial. A rise past 1360, if seen at all, could increase the “risk aversion” in the markets.

Copper (2.1785) is seeing some profit-taking since yesterday, coming down levels just above 2.20. Strong medium term Resistance seen near 2.22-25, as mentioned yesterday.

INTEREST RATES – Market Morning Briefing

Overall yields are weak and look bearish in the near term. There is potential of a rise but that rise is not visible for at least the coming week .

The UK Gilts continue to fall sharply and may continue to extend on the downside in the longer run. This could probably be indicative of a fall in the Pound in the coming sessions.

The US yields are all down but could probably see a short pause before resuming its fall. The yield differentials have risen a bit in the last couple of sessions but may again start to come off next week.

The 30YR JGB yield (0.50%) is holding on to the support well, narrowing down its immediate range to 0.60-0.50% for the near term.

Watch More On: https://www.xtreamforex.com/forex-promotions/

Re: Daily Market News by Xtreamforex.com

EUR/USD

The EUR declined -0.09% against the USD today during asian session. EUR/USD market wasclosed at 1.1240 on Friday.

The Euro-zone’s preliminary consumer price index (CPI) rose by 0.4% in septembe,2016.

Today Investors will keep eye on Euro Markit manufacturing PMI and USA ISM Manufacturing PMI data.

Daily Technical analysis shows the pair finds the immediate support is placed at 1.1174 below which 1.1114 and 1.1017 could be tested. On the other side the immediate resistance 1.1271 . A break beyond the last, doors will open for a test of 1.1309.

In few hours two crucial data will be released..

CHF Real Retail Sales (YoY)
EURO – Zone’s Markit Manufacturing PMI
USA ISM Manufacturing PMI



Read More on Xtreamforex Technical Analysis archive

Re: Daily Market News by Xtreamforex.com

Daily Technical analysis By Xtreamfoex
EUR/USD

Technical Overview:
Prev. Close    1.1211
Open        1.1211
Day’s Range    1.1205 - 1.1216
52 wk Range    1.0538 - 1.1616
1-Year Return    - 0.04%
Support and Resistance:
Daily Camarilla Technical analysis shows that, the EUR/USD pair may finds the immediate support at 1.1207 below which 1.1203 and 1.1199 could be tested. On the other side the immediate resistance 1.1215 and may go for further test 1.1219. A break beyond the last, doors will open for a test of 1.1223.
Technical Indication: Strong Sell

GBP/USD
Technical Overview:
Prev. Close    1.2836
Open        1.2836
Day’s Range    1.2829 - 1.286
52 wk Range    1.2796 - 1.5513
1-Year Return    - 15.4%
Support and Resistance:
Daily Camarilla Technical analysis shows that GBP/USD pair finds the immediate support is placed at 1.2831 below which 1.2819 and 1.2806 could be tested. On the other side the immediate resistance 1.2855. A break beyond the last, doors will open for a test of 1.2867 and from there to 1.2880.
Technical Indication: Strong Sell

Re: Daily Market News by Xtreamforex.com

EUR/USD

Technical Overview:
Prev. Close    1.1054
Open        1.1054
Day’s Range    1.1042 - 1.1068
52 wk Range    1.0538 - 1.1616
1-Year Return    - 2.75%
Support and Resistance:
Daily Camarilla Technical analysis shows that, the EUR/USD pair may finds the immediate support at 1.1050 below which 1.1041 and 1.1033 could be tested. On the other side the immediate resistance 1.1066. If market breaks the immediate resistance then door will open for a test of 1.1075 and from there to 1.1083.
Market Trending: Down

GBP/USD
Technical Overview:
Prev. Close    1.2124
Open        1.2124
Day’s Range    1.2106 - 1.2319
52 wk Range    1.1450 - 1.5513
1-Year Return    -20.09
Support and Resistance:
Daily Camarilla Technical analysis shows that GBP/USD pair finds the immediate support is at 1.2096 below which 1.2070 and 1.2043 could be tested. On the other side the immediate resistance 1.2150. If market breaks the immediate resistance then door will open for a test of 1.2176 and from there to 1.2203.
Market Trending: Down

Re: Daily Market News by Xtreamforex.com

EUR/USD
Technical Analysis Overview:
Prev. Close    1.0986
Open        1.0991
Day’s Range    1.0961 - 1.0991
52 wk Range    1.0538 - 1.1616
1-Year Return    - 0.32%

Support and Resistance:
Daily Camarilla Forex Technical analysis shows that, the EUR/USD pair may find the immediate support at 1.0982 below which 1.0980 and 1.0979 could be tested. On the other side the immediate resistance 1.0984 and may go for further test 1.0986. A break beyond the last, doors will open for a test of 1.0987

Upcoming Economic News:
1.    EUR - German Retail Sales m/m at 10.00 AM
2.    EUR - CPI Flash Estimate y/y at 01.00 PM
3.    EUR - Core CPI Flash Estimate y/y at 01.00 PM
4.    EUR - Prelim Flash GDP q/q at 01.00 PM
5.    EUR - Italian Prelim CPI m/m at 01.00 PM


GBP/USD
Technical Overview:
Prev. Close    1.2192
Open        1.2187
Day’s Range    1.2176 - 1.2215
52 wk Range    1.1450 - 1.5498
1-Year Return    - 21.01%

Support and Resistance:
Daily Camarilla Forex Technical analysis shows that GBP/USD pair may find the immediate support at 1.2204 below which 1.2200 and 1.2197 could be tested. On the other side the immediate resistance 1.2210. A break beyond the last, doors will open for a test of 1.2214 and from there to 1.2217.

Upcoming Economic News:
1.    GBP - Net Lending to Individuals m/m at 12.30 PM
2.    GBP - M4 Money Supply m/m at 12.30 PM
3.    GBP - Mortgage Approvals at 12.30 PM

Read More On: www.XtreamForex.com

Re: Daily Market News by Xtreamforex.com

USD/JPY
Technical Overview:
Prev. Close    104.14
Open        104.14
Day’s Range    103.67 - 104.17
52 wk Range    99.08 - 123.69
1-Year Return      - 13.81%

Support and Resistance:
Daily Camarilla Technical analysis shows USD/JPY pair may find the immediate support at 103.69 below which 103.67 and 103.65 could be tested. On the other side the immediate resistance 103.73. A break beyond the last, doors will open for a test of 103.75 and from there to 103.77.
Upcoming Important Economic News:
1.    USD - ADP Non-Farm Employment Change at 03.15 PM
2.    USD - Crude Oil Inventories at 05.30 PM
3.    USD - FOMC Statement at 09.00 PM
4.    USD - Federal Funds Rate at 09.00 PM


USD/CAD
Technical Overview:
Prev. Close    1.3390
Open        1.3390
Day’s Range    1.3384 - 1.3402
52 wk Range    1.2458 - 1.4692
1-Year Return    +2.24%

Support and Resistance:
Daily Camarilla Forex Technical analysis shows USD/CAD pair may find the immediate support at 1.3383 below which 1.3376 and 1.3369 could be tested. On the other side the immediate resistance 1.3397. A break beyond the last, doors will open for a test of 1 1.3404 and from there to 1.3411.
Upcoming Economic News:
1.    CAD - Gov Council Member Wilkins Speaks at 08.30 PM

Re: Daily Market News by Xtreamforex.com

EUR USD Forecast For the Week 07 to 11 November,2016

EUR/USD recovered at the beginning of November. EUR/USD had a highly productive time last week as it climbed to its highs over the last 3 weeks. It was largely helped by the weakness in the USD across the board as global risks continued to dominate the headlines. Euro-zone inflation remains subdued. Despite a rise in the headline CPI, core inflation did not budge, causing a headache for the ECB. GDP growth was OK as 0.3%, but also failed to excite. In the US, the FED and the NFP had their word ahead of the elections. Clinton remains in the lead, albeit a narrower one, due to the FBI Effect. The US Non-Farm Payrolls were quite upbeat, with the biggest gain in wages since 2009, but markets focus on the elections.

EUR USD Technical Forecast:

Previous week close 1.1138
Current Week Open: 1.1061
Today’s Market Range: 1.1055 - 1.1141
52 wk Range: 1.0538 - 1.1616

Support and Resistance Forecast:

S 1: 1.1119
S 2: 1.1099
S 3: 1.1080

R 1: 1.1157
R 2: 1.1177
R 3: 1.1196

Read More: Daily & Weekly Technical Analysis on XtreamForex

Re: Daily Market News by Xtreamforex.com

Daily Forex Market News 10/11/2016

EUR USD Market News

Today forex technical market news shows EUR market decreased -0.99% against the USD yesterday. EUR USD market closed at 1.0910. Today market will range 1.0909 – 1.0953.

Today the EUR / USD started at 1.0910 in Asia, down from yesterday close. The EUR USD is trading now at 1.0945, which is 0.30% up from today’s opening price.
EUR/USD retreated 0.83% to 1.0935, off a two-month peak of 1.1300 hit overnight.
The dollar initially plunged after Trump was declared the 45th U.S. President, confounding expectations for a Democratic victory.

Trump received a call from his opponent Hillary Clinton to concede the presidency, after he clinched victories in the key battleground states of Florida, North Carolina and Ohio.

Following the market news, European Central Bank Governing Council member Ewald Nowotny said the ECB is ready to intervene in markets in an emergency.

Read More News https://www.xtreamforex.com

12 (edited by xtreamforex.com 2016-11-23 08:08:21)

Re: Daily Market News by Xtreamforex.com

EUR USD Technical Analysis 23rd November, 2016
Technical Analysis Overview:

Prev. Close 1.0625
Open 1.0625
Day’s Range 1.0622 – 1.0635
52 wk Range 1.0538 – 1.1616
1-Year Return – 0.01%

Technical Support and Resistance

In terms of EUR USD Technical analysis the EUR/USD pair will find its immediate support at 1.0619. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0612 and 1.0604. On the other side the market has immediate resistance 1.0633. If, market breaks the primary resistance level then, market will go for the new resistance level 1.0640 and 1.0648.

Expected trading range for today is between 1.0622 supports and 1.0635 resistances.

Along with technical analysis following economic event is very important to analyze the financial market properly.

Upcoming Important Economic News in EUROPE: (GMT +2)

1. French Flash Manufacturing PMI at 10am
2. French Flash Services PMI at 10am
3. German Flash Manufacturing PMI at 10.30am
4. German Flash Services PMI at 10.30am
5. Flash Manufacturing PMI at 11am
6. Flash Services PMI at 11am
7. German 10-y Bond Auction ( all day long)

Read More : https://www.xtreamforex.com/

Re: Daily Market News by Xtreamforex.com

NZD USD Forecast for the Week 28th November, 2016

The NZD traded against USD in a narrow rage and trying to recover from 0.70. The RBNZ sticks out in the first week of the last month. Here is an NZD USD forecast for the week of 28th November and undated technical analysis.
The US dollar continued to move higher on the “Trump effect”, but this wasn’t as stark as previously seen. In New Zealand, the trade balance deficit squeezed to 846 million, better than predicted and also credit card spending accelerated. However, core retail sales fell short.
There are 4 major economic events will come this week for NZD USD pair.
1. RBNZ Financial Stability Report
2. ANZ Business Confidence
3. Graeme Wheeler talks
4. Overseas Trade Index

AUD USD Forecast: Technical Overview

Previous week close: 0.7044
Current Week Open: 0.7053
Today’s Market Range: 0.7034 – 0.7090
52 wk Range: 0.6346 – 0.7487
1-Year Return: 8%

Weekly Support and Resistance Forecast

S 1: 0.7032
S 2: 0.7021
S 3: 0.7010

R 1: 0.7054
R 2: 0.7065
R 3: 0.7076

Read More News : https://www.xtreamforex.com

Re: Daily Market News by Xtreamforex.com

AUD/USD Forecast  | Daily Technical Analysis for January 5, 2017 By XtreamForex

AUD/USD Technical Forecast Overview

Yesterday Close    0.7282
Today Open        0.7282
Day’s Range    0.7273 - 0.7315
52 wk Range    0.6824 - 0.7836
1-Year Return    1.93%

AUD/USD Technical Support and Resistance Forecast


AUD/USD forecast: aud usd pair possibly will find the immediate support at 0.7228. If, market breaks the first support then it will go for the following support to test. Following supports are 0.7208 and 0.7177.

On the other side the market has immediate resistance at 0.7290. If, market breaks the primary resistance level then, market will go for the new resistance level 0.7310 and 0.7341.

Possible trading range for today 0.7273 - 0.7315

AUD/USD Fundamental Analysis

The AUD/USD pair rallied on Wednesday, as we continue to see bullish pressure in the Australian dollar after the base that seems to be trying to form near the 0.7150 level. However, I think that this rally is simply a matter of the market being oversold, and that we will find sellers above. My suspicion is that they are waiting somewhere near the 0.73 level, perhaps the 0.7350 handle. Gold markets are very bearish overall, so sooner rather than later I think the bearish pressure will return to the Australian dollar. I have no interest in buying.

Re: Daily Market News by Xtreamforex.com

Re Load Your Trading Power with 50% Re-Deposit Bonus

1.    1No extra Charge
2.    No hidden fees
3.    Trade with Zero Spread
#forexbonus #redepositbonus #forextrading #ecnbroker #Xtreamforex

https://www.xtreamforex.com/promotions/50-redeposit-forex-bonus/

Re: Daily Market News by Xtreamforex.com

Why Xtreamforex

XtreamForex.com is the best forex trading broker. Our domain is owned and operated by GRAND INVESTING LTD. One of the largest business conglomerates in South Eastern Europe. XtreamForex demonstrates its commitment to the highest business standards and ethics by complying with national and international regulatory authorities.

#xtreamforex #forex #bestforex #forextrading #forexsignal

https://www.xtreamforex.com/company/why-xtreamforex/

Re: Daily Market News by Xtreamforex.com

Get 100% Welcome Bonus
Increase your trading opportunities with 100% tradable deposit forex bonus.
Deposit 100$ Get 100$ Free
Boost your Trading with 100% Tradable Bonus

No Hidden Charge | No Extra Fees | No Slippage

Get Now : https://www.xtreamforex.com/promotions/tradable-deposit-bonus/

Re: Daily Market News by Xtreamforex.com

EURUSD Forecast | Daily Technical Analysis for January 13, 2017


EURUSD pair possibly will find its immediate support at 1.0578. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0551 and 1.0506.

Read More : https://www.xtreamforex.com/Education/eurusd-forecast-for-january-13-2017/

#forex #xtreamforex #forexforecast #forextrading #forexsignal

Re: Daily Market News by Xtreamforex.com

EUR USD Forecast for January 19, 2017
EUR USD Technical Overview
Yesterday Closed 1.0630
Today Open 1.0630
Day’s Range 1.0622 – 1.0642
52 wk Range 1.0339 – 1.1616
1-Year Return – 2.6%

EUR USD Technical Support and Resistance
EUR USD Forecast: EUR USD pair possibly will find the immediate support at 1.0622. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0600 and 1.0565.
On the other side, the market has immediate resistance 1.0692. If, market breaks the primary resistance level then, market will go for the new resistance level 1.0714 and 1.0749.

Re: Daily Market News by Xtreamforex.com

EUR USD Forecast for January 19, 2017
EUR USD Technical Overview
Yesterday Closed 1.0630
Today Open 1.0630
Day’s Range 1.0622 – 1.0642
52 wk Range 1.0339 – 1.1616
1-Year Return – 2.6%

EUR USD Technical Support and Resistance


EUR USD Forecast: EUR USD pair possibly will find the immediate support at 1.0622. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0600 and 1.0565.
On the other side, the market has immediate resistance 1.0692. If, market breaks the primary resistance level then, market will go for the new resistance level 1.0714 and 1.0749.

Re: Daily Market News by Xtreamforex.com

EUR/USD Forecast | Daily Technical Forecast for January 20, 2017

EUR/USD Technical Support and Resistance

EUR/USD pair possibly will find the immediate support at 1.0609. If, market breaks the first support then it will go for the following support to test.
Following supports are 1.0587 and 1.0553.
On the other side the market has immediate resistance 1.0677. If, market breaks the primary resistance level then,
market will go for the new resistance level 1.0699 and 1.0733.
Looking ahead to today, we do not have any major news from the eurozone or the US region and as said above,
we can expect some more consolidation at the highs in this pair for today.

Read more: https://www.xtreamforex.com/Education/eurusd-forecast-for-january-20-2017/

#forex #xtreamforex #forexforecast #forextrading #support_resistance #xtreamforex

Re: Daily Market News by Xtreamforex.com

GBP/USD Forecast | Daily Technical Forecast for January 20, 2017

GBP/USD Technical Support and Resistance

GBP/USD pair possibly will find the immediate support at 1.2276. If, market breaks the first support then it will go for the following support to test.
Following supports are 1.2255 and 1.2958
On the other side the market has immediate resistance 1.2348. If, market breaks the primary resistance level then,
market will go for the new resistance level 1.2369 and 1.2405.Looking ahead to today,
we have the retail sales data from the UK which will be released during the London session and we believe that the data would continue the trend of strong data coming out of the UK in recent months. If this does happen, we could see the pair challenging 1.2400 again.

Read more: https://www.xtreamforex.com/Education/gbpusd-forecast-for-january-20-2017/

#forex #xtreamforex #forexforecast #forextrading #support_resistance #xtreamforex

Re: Daily Market News by Xtreamforex.com

USD/CAD Forecast | Daily Technical Forecast for January 20, 2017

USD/CAD Technical Support and Resistance
USD/CAD pair possibly will find the immediate support at 1.3268. If, market breaks the first support then it will go for the following support to test.
Followingsupports are 1.3244 and 1.3204.
On the other side the market has immediate resistance 1.3348. If, market breaks the primary resistance level then, market will go for the new resistance level 1.3372
and 1.3412.Looking ahead to today, we have the retail sales and CPI data from Canada that will be released towards the NY session and any sort of weakness in any of these data should confirm the weakness in the Canadian economy that the BOC seems to fear and we could then see the pair pushing above 1.3400 and towards 1.3500.
Read more: https://www.xtreamforex.com/Education/usdcad-forecast-for-january-20-2017/
#forex #xtreamforex #forexforecast #forextrading #support_resistance #xtreamforex

Re: Daily Market News by Xtreamforex.com

EUR/USD Technical Analysis for January 24, 2017

Possible trading range for today 1.0745 - 1.0772

The EURUSD pair continues to trade strongly as the dollar weakness continues across the board. When the new year began, everyone expected the dollar strength to return.

EUR/USD pair possibly will find its immediate support at 1.0705. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0684 and 1.0649.

On the other side, we found immediate resistance at 1.0775 from our EUR/USD technical analysis. If, market breaks the primary resistance level then, for sure market will go for the new resistance level 1.0796 and 1.0831.

#economic #forex #Economicdata #daytrading #xtreamforex

Re: Daily Market News by Xtreamforex.com

GBPUSD Forecast | Daily Technical Analysis for January 25, 2017

GBPUSD Technical Forecast Overview

Yesterday Closed 1.2521
Today Open  1.2521
Day’s Range 1.2513 - 1.2542
52 wk Range 1.1450 - 1.5020
1-Year Return  - 12.04%

GBPUSD Technical Support and Resistance

Possible trading range for today 1.2513 - 1.2542
GBPUSD pair possibly will find the immediate support at 1.2442. If, market breaks the first support then it will go for the following support to test. Following supports are 1.2363 and 1.2311.
On the other side the market has immediate resistance at 1.2573. If, market breaks the primary resistance level then, market will go for the new resistance level 1.2625 and 1.2704.
GBPUSD Fundamental Analysis
We had mentioned the same thing in our forecast yesterday where we had said that the ruling was expected to uphold the earlier decision which made the Parliament approval mandatory. We had also mentioned that though this would be good for the pound overall, there was a likelihood of a buy the rumor, sell the fact kind of move and this is what we saw yesterday as well as the pair crashed through 1.2500 and went as low as 1.2420 following the ruling but then it spent the rest of the day recovering. As of this morning, it has managed to recover its entire loss and sits below 1.2550 and we believe that this move in the pound has the legs to carry it as far as 1.27 or 1.28. This ruling is positive for the pound in the short term but its long term effects and the subsequent delays could place a lot of pressure on the pound in the medium term.
We do not have any major news from the UK but we have the oil inventory data from the US later on in the day which has the capacity to bring in risk into the markets. We believe that the GBPUSD pair will consolidate through the day with a bullish bias.


EURUSD Forecast | Daily Technical Analysis for January 25, 2017

EURUSD Technical Overview

Yesterday Close 1.0731
Today Open  1.0731
Day’s Range 1.0722 - 1.0738
52 wk Range 1.0339 - 1.1616
1-Year Change - 1.09%

EURUSD Technical Support and Resistance

Our Possible trading range for today 1.0722 - 1.0738
EURUSD pair possibly will find its immediate support at 1.0707. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0683 and 1.0649.
On the other side, we found immediate resistance at 1.0765 from our EURUSD technical analysis. If, market breaks the primary resistance level then, for sure market will go for the new resistance level 1.0799 and 1.0823.

EURUSD Fundamental Analysis

We had mentioned in our forecast yesterday that the EURUSD pair was at a crucial region of resistance which it would find hard to break through soon and that’s what we have been seeing over the past 24 hours as the pair consolidates just below that region, unable to find a way through. And with the twitter happy President of the USA also choosing to remain silent for a day, contrary to his character, the dollar also got a little breather and it managed to hold its own against all the currencies and this was another reason for the consolidation and ranging in the EURUSD pair.
We have the German IFO business climate which is expected to continue to show up the strong German economy and we also have the oil inventory data from the US and any drop in that should be able to increase the oil prices and increase the risk around the markets.