Subscribe to RSS

Bullish Corrections in Play. Overall Environment Still Bearish

EUR/USD

Forex News: Yesterday the pair moved lower and came in very close vicinity of the support located at 1.0800 but jumped higher in the afternoon. The Eurozone Industrial Production was lower than expected and the result contributed somewhat to the initial move lower.

Technical Outlook

The current bounce up is likely to find resistance at the 50 period Exponential Moving Average and the 1.0870 level. If this is the case, then the support at 1.0800 will probably be tested again and possibly broken to the downside. The oversold condition of the Stochastic works against this scenario and favours bullish moves. If the pair bounces above 1.0870 and above the 50 EMA, we will probably see a move close to 1.0945.

Fundamental Outlook

Today the Eurogroup meetings take place, attended by the European Central Bank President, finance ministers from the member states and many other personalities from the Eurozone. The meetings are closed to the press but any leak during the day may increase volatility. Once the meetings have concluded, an official statement will be released.

GBP/USD

Price touched the support at 1.4350 and bounced perfectly off of it, confirming that this level still has enough strength despite the fact that it was last visited in 2010.

Technical Outlook

Yesterday’s price action created minor resistance at 1.4475 and we believe this level will be visited again before bearish movement resumes. The Stochastic and Relative Strength Index still need to move away from their respective oversold levels and this increases the probability of a move into 1.4475 or even above it. Overall the picture remains strongly bearish but the bullish correction is still in play.

Fundamental Outlook

It’s an important day for the Pound as the Bank of England will announce today at 12:00 pm GMT their interest rate. No change is expected (current 0.50%) but the Monetary Policy Summary released at the same time will reveal the reasons that stood behind the rate decision and maybe clues about a future rate hike. A breakdown of the MPC members’ votes is released at the same time, showing the stance of each member regarding a rate change. The Pound is likely to react strongly so caution is recommended.

0 commentsback to post

Add your comment

Nickname:
E-mail:
Website:
Comment:

Other articlesgo to homepage

Free $200 Earn with Binary No Deposit Bonus – Ayrex

Free $200 Earn with Binary No Deposit Bonus – Ayrex(0)

Earn $200 Free with Binary Options No Deposit Bonus to all new activated trading account. Ayrex presents its very first Binary Options No Deposit Bonus for new traders. Sign up to get FREE $30 and turn them into a fully withdrawable $200! Link: $200 Earn with No Deposit Bonus Link:  $100 Free Win in Just One

$30 Free No Deposit Welcome Bonus Campaign – Tickmill

$30 Free No Deposit Welcome Bonus Campaign – Tickmill(0)

$30 Free No Deposit Welcome Bonus Campaign to All new traders. $30 Free Welcome Account is available to all new clients who expressed a wish for it during the registration process. Link:  $30 Free Welcome Bonus Offer Available to: All new traders Ending Date: 31 December 2017 Bonus Offer: $30 Free No Deposit Welcome Bonus

Get $2017 No Deposit Hot Bonus Promotion – FreshForex

Get $2017 No Deposit Hot Bonus Promotion – FreshForex(0)

$2017 No Deposit Hot Forex Bonus Offer to all new verified customers. The $2017 Hot No Deposit Forex Bonus offers you a unique opportunity to test trading strategies of FreshForex Link:  $2017 No Deposit Hot Bonus offers Available to: All New Traders. Ending Date: 30 April 2017 Bonus Offer: $2017 No Deposit Exclusive Hot Bonus

100% Real Money Cash Back Bonus Promotion – UFX

100% Real Money Cash Back Bonus Promotion – UFX(0)

100% Real Money CashBack Promotion 2018 to all new and existing clients. Join and gain exclusive access to the ONLY online trading 100% Cashback rewards bonus program Link:  100% Real Money CashBack Promotion Link:  $50 Forex No Deposit Bonus Promotion Available to: All new trading account Ending Date: 31 December 2017 Bonus offer: 100% Real

$15 Cashback Rebate Bonus per Lot Traded – FBS

$15 Cashback Rebate Bonus per Lot Traded – FBS(0)

$15 Cash back Rebate Forex Bonus per Lot Traded to All new traders. $15 Cashback Rebate Forex Bonus service is unavailable for the clients, who registered their accounts via their partners. Link:  $15 Cashback Rebate per Lot Traded Link:  100% Forex Deposit Bonus Promotion Link:  100% Forex Deposit Bonus Promotion Available to: All new traders

100% Easy Welcome Deposit Bonus Promo – Trade12

100% Easy Welcome Deposit Bonus Promo – Trade12(0)

Free Daily Forex Trading Signals via SMS. EMAIL. SKYPE. WHATSAPP and 100% Easy Welcome Deposit Bonus Promo to your Live Trading Account, Free E-Books Link:  Free Daily Forex Trading Signals Link:  Get 100% Welcome Deposit Bonus Link:  Get Forex Free E-Books Available to: All new clients Ending Date: 31 December 2017 Bonus Offer: Get 100%

$50 Forex Free No Deposit Bonus Promo Action – FortFs

$50 Forex Free No Deposit Bonus Promo Action – FortFs(0)

$50 Forex Free No Deposit Bonus Promo Action to all eligible clients. Every client who passed the verification process in their trader’s room can get the $50 Forex Free No Deposit Bonus Promo Action Link: $50 Forex No Deposit Welcome Bonus Link: Up to 50% Bonus of Every Deposit Link: 15% Support Margin Bonus Promo

Get 25% Trading Credit Bonus up to $5000 – HYCM

Get 25% Trading Credit Bonus up to $5000 – HYCM(0)

25% Forex Trading Credit Bonus Promo available on your Deposits. Experience Some of HYCM New Features, Services and Offers Receive 25% Forex trading credit bonus Link:  25% Trading Bonus on your Deposits Ending Date:  31 December 2017 Available to:   New Clients only Bonus Offer: 25% Forex Trading Bonus Promo Available on your deposits to New Clients

100% Bonus to your first Deposit Up to $300 – AvaTrade

100% Bonus to your first Deposit Up to $300 – AvaTrade(0)

100% Bonus Limited Time Offer to your first deposit Up to $300. Start trading today and in honour of our Irish roots we’ll give you a St. Patricks Day special bonus of up to 100% Link:  100% Special Bonus to Your First Deposit Available to: All new account Ending Date: 31 December 2017 Bonus offer:

Forex Live Contest Total Prize Pool $15000 – FxGrow

Forex Live Contest Total Prize Pool $15000 – FxGrow(0)

Live Trading Forex Contest. The Live Forex trading forex contest that is offered for ECN PLUS and ECN VIP live account holders. Link:  Forex Live Trading Contest Available to: All new trading account Ending Date: 7 April 2017 Terms and Conditions of the Clash for Cash- Live Trading Contest By applying for Cash for Clash

read more

Forex Featured Broker

Contacts and information

ForexDepositNews.com Forex Deposit Bonus, Forex No Deposit Bonus, Forex Live Contest, Forex Demo Contest, Free Forex Bonus Forex Brokers Review and Other All Forex promotions.

ForexDepositNews.com

Social networks

Most popular categories