The Forex Market: Although two important economic indicators were released yesterday -the German ZEW survey and the US Consumer Price Index – the pair traveled just a 50 pip distance and overall the day lacked volatility.
Technical Outlook
The previous 1.3325 resistance turned into support yesterday when a touch resulted in a bounce higher. However, due to the lack of clear movement, a clear technical prediction is less reliable and at the moment we are neutral on the pair. Today is a very important day for the US and we believe the technical aspect will be secondary. The most important levels to watch are 1.3400 as resistance and 1.3300 as support.
Fundamental Outlook
The Federal Open Market Committee will announce today the Federal Funds Rate which is not anticipated to change from the previous 0.25%. The scheduled time is 6:00 pm GMT and at the same time the FOMC will release their Economic Projections and the Rate Statement which contains insights into the reasons that determined the Rate decision and possible hints about future monetary direction. Half an hour later, Fed Chairman Ben Bernanke will speak at a Press Conference and will also answer audience questions. Strong moves and sharp reversals are possible at the time of all these events so we recommend to trade cautiously.
Technical Outlook
The previous 1.3325 resistance turned into support yesterday when a touch resulted in a bounce higher. However, due to the lack of clear movement, a clear technical prediction is less reliable and at the moment we are neutral on the pair. Today is a very important day for the US and we believe the technical aspect will be secondary. The most important levels to watch are 1.3400 as resistance and 1.3300 as support.
Fundamental Outlook
The Federal Open Market Committee will announce today the Federal Funds Rate which is not anticipated to change from the previous 0.25%. The scheduled time is 6:00 pm GMT and at the same time the FOMC will release their Economic Projections and the Rate Statement which contains insights into the reasons that determined the Rate decision and possible hints about future monetary direction. Half an hour later, Fed Chairman Ben Bernanke will speak at a Press Conference and will also answer audience questions. Strong moves and sharp reversals are possible at the time of all these events so we recommend to trade cautiously.
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