The Forex Market: Unlike we expected, yesterday’s speech of ECB President Mario Draghi didn’t generate strong moves and the pair is still trading near the level of 1.3520 after another day when price was capped by a 65 pip range.
Technical Outlook
The pair did not choose a clear direction yesterday but the sellers managed to have some sort of control and took price below 1.3520. However, we cannot consider this move a true break of the level because it occurred on low volume and at the moment, the level is being re-tested from below. Our bias is still bullish and we anticipate at least a double top at 1.3570. The trend line drawn from the beginning of the month will offer support if touched and the same is true for the level of 1.3450.
Fundamental Outlook
At 08:00 am GMT the German IFO Business Climate is announced, with the forecast being 108.4 compared to the previous 107.5. Higher numbers than forecast indicate optimism and are beneficial for the Euro. Later in the day, at 2:00 pm GMT the United States announce the Consumer Confidence which is a key indicator of future consumer spending which in turn represents the majority of overall economic activity. The indicator is expected to decrease slightly from the previous 81.5 to 79.9.
Technical Outlook
The pair did not choose a clear direction yesterday but the sellers managed to have some sort of control and took price below 1.3520. However, we cannot consider this move a true break of the level because it occurred on low volume and at the moment, the level is being re-tested from below. Our bias is still bullish and we anticipate at least a double top at 1.3570. The trend line drawn from the beginning of the month will offer support if touched and the same is true for the level of 1.3450.
Fundamental Outlook
At 08:00 am GMT the German IFO Business Climate is announced, with the forecast being 108.4 compared to the previous 107.5. Higher numbers than forecast indicate optimism and are beneficial for the Euro. Later in the day, at 2:00 pm GMT the United States announce the Consumer Confidence which is a key indicator of future consumer spending which in turn represents the majority of overall economic activity. The indicator is expected to decrease slightly from the previous 81.5 to 79.9.
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