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Forex: EUR/USD extends the correction lower

FXstreet.com (Barcelona) - After hitting fresh highs in the boundaries of the key resistance at 1.3200, the shared currency sparked a correction lower, dragging the cross to the current region of 1.3150/55, as the risk appetite seems to be taking a breather.

Markets are slowly surrendering to the lull of tomorrow’s Labour Day holiday, as there won’t be activity in most of the markets in Euroland. The euro docket will thus be empty, leaving traders to focus only on the main event: the Fed’s monetary policy meeting and press conference. The rest of the US calendar comprises the ADP report, Markit Manufacturing PMI and ISM Manufacturing.

As of writing, the pair is advancing 0.45% at 1.3157 with the next resistance at 1.3202 (high Apr.16) ahead of 1.3229 (50% of Feb-Apr slide).
On the flip side, a breach of 1.3032 (MA21d) would bring 1.2988 (low Apr.25) and then 1.2958 (MA200d).

Forex: GBP/USD trades back to 1.5530 after reaching fresh 11-week highs

Following the US PMI and Sentiment data, the GBP/USD reacted to the upside with the GBP/USD rising around 70 pips to the highest level since February 13th at 1.5570. But the Cable found resistance at this level and the pair is currently trading lower at the 1.5530 area.
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The Aussie dollar is hovering over 1.0355/60 on Tuesday, retracing ground after hitting intraday highs in the proximities of 1.0390 on spiralling risk appetite...
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