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Forex: EUR/GBP easing ahead of UK PMI Construction

FXstreet.com (Barcelona) - The EUR/GBP rose to just below the psychological level at 0.8500 during yesterday’s New York session. The price stood relatively still around that area until the London opening, where the market is pulling down to 0.8469, for now. Soon, the UK will see published the UK PMI Construction in March, expected to rise from 46.8 to 47.5. Afterwards, the preliminary release of March CPI in the Eurozone is due at 09:00 GMT and expected to ease from 1.8% to 1.7% (YoY).

The key market drivers for the EUR/GBP this week will be the monetary policy announcements by the ECB and BoE tomorrow. Today, board members will be discussing what to do next.

“The EUR/GBP as we highlighted yesterday, the Elliott wave count indicated that 0.8417 was the low for this short term move lower and we would allow for a near term rebound towards the 55 day ma at 0.8572”, wrote Commerzbank analyst Karen Jones, pointing to the 55-day MA (0.8572) and the March 20 high (0.8603) on the upside.

Forex: EUR/USD keeps the red around 1.2795/1.2800

The shared currency seems to be carving a consolidation pattern ahead of tomorrow’s ECB gathering in the vicinity of 1.2790/1.2800, in a context dominated by the risk aversion so far...
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Forex Flash: EUR/JPY set to react back to 118.74 February low - Commerzbank

Commerzbank analysts see the EUR/JPY set to react back to the 118.74 February low, but it has to hold for medium term upside pressure to be maintained. “The Elliott wave count on the daily chart is indicating that this support will hold for recovery and this is also the base of the cloud (118.82)”, wrote analyst Karen Jones, pointing to initial resistance at near term resistance line at 121.58 ahead of 122.66/85 (20 and 55 day ma) which guards the March high at 126.03 and the 127.71 February high. “Directly overhead lies tough resistance at 127.95/129.60, the March 2010 high and the 78.6% retracement of the move down from 2009. Below 118.38 the 16th January low is 116.47”, they added.
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