The Forex Market: Friday’s movement was ranging and undecided, with both the buyers and sellers going back and forth in an attempt to gain the upper hand. No major economic data came out and this contributed to the ranging movement.
Technical Outlook
The major momentum belongs to the bulls and we may see a continuation move to the upside. If this is the case, the first barrier in front of rising prices is last week’s high located at 1.3568. To the downside the first level of interest is 1.3450 but the technical aspect may be overshadowed by today’s fundamental events.
Fundamental Outlook
The most important event of the day and possibly of the week is the speech of the ECB President Mario Draghi. He is due to testify on the Euro Zone economic situation in Brussels, before the Committee on Economic and Monetary Affairs. The event is scheduled at 1:00 pm GMT and volatility is expected; the direction depends on his attitude and comments.
Earlier in the day, at 07:00 am GMT the French Manufacturing PMI is released, with an anticipated value of 50.2 compared to the previous 49.7 and half an hour later the German Manufacturing PMI comes out. The anticipated value is 52.3 from the previous 51.8. Better than anticipated numbers for both indicators usually strengthen the Euro and drive the pair higher.
Tidak ada komentar:
Posting Komentar