The Forex Market: Almost all US economic data which came out yesterday was better than anticipated (Existing Home Sales and Philly Fed Manufacturing Index) but the retracement generated by US Dollar strength found good support at 1.3520.
Technical Outlook
At the moment the pair is re-testing the broken level of 1.3520 and this looks like a good place for the pair to resume its upward movement. However, the Relative Strength Index on a four hour chart is still in overbought territory so price may fall further to clear this condition. If this is the case and 1.3520 is broken to the down side, the next potential support is located at 1.3450.
Fundamental Outlook
We have a slow day ahead with the only notable event being the speech of German Bundesbank President Jens Weidmann. The scheduled time is 11:30 am GMT and the place is the Society of Business Economics Luncheon in London. Public speeches of heads of Central Banks are always important and usually create volatility so we recommend caution if trading at the time.
Written by: Bogdan Giulvezan
Technical Outlook
At the moment the pair is re-testing the broken level of 1.3520 and this looks like a good place for the pair to resume its upward movement. However, the Relative Strength Index on a four hour chart is still in overbought territory so price may fall further to clear this condition. If this is the case and 1.3520 is broken to the down side, the next potential support is located at 1.3450.
Fundamental Outlook
We have a slow day ahead with the only notable event being the speech of German Bundesbank President Jens Weidmann. The scheduled time is 11:30 am GMT and the place is the Society of Business Economics Luncheon in London. Public speeches of heads of Central Banks are always important and usually create volatility so we recommend caution if trading at the time.
Written by: Bogdan Giulvezan
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