The Forex Market: As anticipated, yesterday was not an action packed day and the pair moved slowly, with no real sense of direction. The US Durable Goods Orders came out a lot worse than anticipated but the event created just a brief surge, not an extended move.
Technical Outlook
The bearish pressure seems to be building up and all moves to the upside are
quickly reversed, before any major developments can take place. Today’s price action is likely to give us the answer about future direction. If a break above 1.3400 does not occur, we could be looking at a trend reversal with the first target being 1.3300 support.
quickly reversed, before any major developments can take place. Today’s price action is likely to give us the answer about future direction. If a break above 1.3400 does not occur, we could be looking at a trend reversal with the first target being 1.3300 support.
Fundamental Outlook
At 08:00 am GMT the German IFO Business Climate is announced. This is a survey based on about 7,000 businesses who are asked to rate the current economic conditions and to provide a 6 month outlook. The forecast value is 107.1 and the previous was 106.2; better values usually strengthen the Euro. Later in the day, at 2:00 pm GMT the US Consumer Confidence is released, expected to decrease slightly from the previous 80.3 to 79.6. Lower numbers than expected will most likely weaken the US Dollar and drive the pair higher.
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