OctaFX | OctaFX Forex Broker
Open trading account

Forex: EUR/USD dips to lows below 1.3100

The shared currency is intensifying its decline on Thursday, after the IMF informed that it will revise lower the US outlook in case the ‘sequester’ is triggered.
Better-than-expected US data from the labor market and the Chicago PMI have also added to the euro downside, boosting the greenback and dragging the cross to session lows.

At the moment, the pair is losing 0.42% at 1.3083 and a drop beyond 1.3047 (Ichimoku cloud base) would aim for 1.3041 (low Feb.27) and finally 1.3018 (low Feb.26).
On the upside, resistance levels align at 1.3163 (high Feb.28) ahead of the psychological level at 1.3200 and then 1.3226 (Tenkan Sen line).

Session Recap: Risk appetite recedes

Despite some intraday movements, most crosses in the FX market continue to consolidate within their weekly ranges with the dollar mixed across the board. A string of minor European and US data has been largely ignored, although risk aversion started to pick up at the beginning of the NY session. The EUR/USD faced resistance at the 1.3160 area and settled somewhat lower, while the pound and the yen trade virtually unchanged against the USD. The Loonie is among the worst performers, weighed by domestic data, while the AUD holds onto gains, but off daily highs. US equities opened cautiously after Wednesday's surge, while gold trades below $1600 an ounce.
Read more Previous

Forex Flash: Gilts oscillate around support at 116.11 – RBS

Recently, “gilts reached a strong resistance region of 117.00 and opened with a bearish gap, suggesting there will likely be a correction in the near term. The market left gap unfilled, as 115.57 provided a major support. There is also support expected at the 116.11 retracement. The long-term view remains quite constructive, looking for a gradual recovery to 117.50/117.80 amid bullish weekly charts; but a near-term correction to 116.11 looks increasingly likely – a sustained break below 115.57 cancels the L/T bullish view.” notes Dmytro Bondar, a Technical Markets Strategist at RBS.
Read more Next
Start livechat