Subscribe to RSS

Euro Meets Resistance, Pound Shows Mixed Reactions Ahead of U.S. Retail Sales

EUR/USD

Forex News: Yesterday’s trading session was characterized by a break of 1.0870 followed by a bullish move into the resistance at 1.0945. The pair is now capped by resistance and shows rejection.

Technical Outlook

The touch of 1.0945 zone resulted in a quick move lower which shows rejection but also that the bulls are not yet ready to break this level. Nonetheless, the latest impulse is bullish and the pair is trading above the 50 period Exponential Moving Average and above 1.0870 which is now support. The Stochastic is wide open, heading upwards and showing good momentum but the Relative Strength Index doesn’t have a clear direction so the oscillators paint a mixed picture. A lot of today’s movement will depend on the fundamental scene but if price descends below 1.0870, we expect it to touch 1.0800.

Fundamental Outlook

The US Dollar has a busy day today, with the first major release being the U.S. Retail Sales scheduled at 1:30 pm GMT. Sales made at retail levels represent a big part of overall economic activity and usually an increase in such sales strengthens the greenback. Today’s forecast is a change of -0.1% compared to the previous 0.2%.

At 3:00 pm GMT the University of Michigan will release a Consumer Sentiment survey which is considered high-impact because consumer confidence leads consumer spending. Higher numbers than the anticipated 92.7 usually strengthen the US Dollar.

GBP/USD

The Bank of England kept the interest rate unchanged and the MPC members didn’t change their stance regarding a hike but the event created volatility nonetheless. However the pair didn’t make substantial advances to either side.

Technical Outlook

The main trend is without a doubt bearish but we are likely to see the start of a consolidation phase between 1.4350 and 1.4475. A break of either of these levels would mean that the ranging period is over and that more directional movement will follow. The oscillators still favour a stronger move to the upside, possibly into the 50 period Exponential Moving Average be we don’t anticipate such a strong move to happen today.

Fundamental Outlook

The United Kingdom didn’t schedule important indicators for today so all eyes will be focused on the United States for the releases we’ve mentioned earlier.

We hope you had a profitable trading week and we wish you a relaxing weekend.

0 commentsback to post

Add your comment

Nickname:
E-mail:
Website:
Comment:

Other articlesgo to homepage

500 Cent Forex No Deposit Welcome Bonus – FortFs

500 Cent Forex No Deposit Welcome Bonus – FortFs(0)

Get 500 Cent Forex No Deposit Welcome Bonus 2017-2018 to All New Traders. Open a forex real trading account, pass the personal data verification procedure and get the 500 Cent Free Forex Welcome Bonus! Link:  Up to 50% Bonus of Every Deposit Link:  500 Cent Forex No Deposit Bonus Link:  15% Support Margin Bonus Available

$10000 Monthly Challenge Live Trading Contest – FXCM

$10000 Monthly Challenge Live Trading Contest – FXCM(0)

$10,000 Monthly Challenge Live Trading Contest Compete to Win Cash Prizes. The Contest only available to FXCM Mini Account clients Join the monthly Live Trading Contest by opening an FXCM Mini Account with as little as $50. Link:  $10000 Monthly Challenge Contest Available to: All Mini Account clients Contest offer: $10,000 Monthly Challenge Live Trading

$1000 Free No Deposit Forex Bonus – Grand Capital

$1000 Free No Deposit Forex Bonus – Grand Capital(0)

Contests for Forex trader Main Prize $1000 Free No Deposit Forex Bonus. The Contests main prize is $1000 Free No Deposit Forex Bonus with fully withdraw able profit Link:  $1000 Free Bonus‎ Trader Contest Link:  $500 Forex No Deposit Welcome Bonus Link:  Up to 444% Profit Receive for a single trade Link:  40% Forex Deposit

Up to $5000 Trading Credits Bonus Promo – HYCM

Up to $5000 Trading Credits Bonus Promo – HYCM(0)

25% Forex 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 only.

$20 Forex No Deposit  Bonus Promo Action – NPBFX

$20 Forex No Deposit Bonus Promo Action – NPBFX(0)

$20 Free No Deposit Bonus Promo action. $20 Free No Deposit Bonus Client must submit application of requesting the accrual of bonus funds with indicating the number of trading account by email  info@npbfx.com. Link:  $20 Free Bonus Promo Action Ending Date:  1 March 2017 Available to:   New Clients only Bonus Offer: $20 Free No Deposit

300% Forex Tradable Bonus Promotion 2017 – MarketsYes

300% Forex Tradable Bonus Promotion 2017 – MarketsYes(0)

300% Forex Tradable Bonus Promotion All New and existing clients. MarketsYes is offering all prospective clients deposit for up to 3000 USD/EUR/GBP a 300% Tradable Bonus. Link:  300% Tradable Bonus Promotion Available to: All New and existing clients Ending Date: 31 December 2017 Bonus offer:  300% Tradable Bonus Promotion All New and existing clients. SETTLEMENT

FX Zones Forex Demo Trading Contests – Forex Time

FX Zones Forex Demo Trading Contests – Forex Time(0)

FX Zones Forex Demo Trading Contests 2017 Win up to a total of $12,000. ForexTime is doing something extra special with its trading contests this year, starting with FX Zones Forex Demo Trading Contest  2017 Link:  Demo Forex Trading Contest Link:  Loyalty Cashback Promotions Link:  200% Withdraw-able Cashback Rebates Available to:   New Clients only Contest

Get $88.8 Forex Free No Deposit Bonus – FBS Inc

Get $88.8 Forex Free No Deposit Bonus – FBS Inc(0)

Get $88.8 Forex Free No Deposit Bonus when you open your first FBS Real Account. The $88.8 Free Forex bonuses is credited automatically after account opening, upon verification of the clients phone number and e-mail. Link:  $123 Forex No Deposit Bonus Promotion Link:  $88.8 Lucky No Deposit Required Bonus (for Malaysian traders) Link:  100% Forex

100% Welcome Bonus to Your First Deposit – AvaTrade

100% Welcome Bonus to Your First Deposit – AvaTrade(0)

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

Share your photo and Free win $200 – Grand Capital

Share your photo and Free win $200 – Grand Capital(0)

Share your photo and Free win $100, $150 or $200. Comment this post with your photo, which conveys your/public perspective on how a Forex trader should look like and receive one of the great prizes Link:  $500 Forex No Deposit Welcome Bonus Link:  Up to 444% Profit Receive for a single trade Link:  Get $200

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