Subscribe to RSS

Forex Technical Analysis: EUR/US – GBP/USDD – 2016-02-12

EUR/USD

Forex News: The pair showed signs of indecision yesterday but moved higher, above the resistance at 1.1310. Yellen’s testimony before the Senate Banking Committee didn’t create the strong volatility we anticipated and the greenback remained mostly unaffected.

Technical Outlook

Although wavering, the current uptrend is advancing, making higher highs and higher lows and moving above resistance. If the bulls can sustain price above 1.1310 we are likely to see a move into the zone near 1.1400 but we must note the fact that the Relative Strength Index is moving downwards, making lower highs. This shows bearish divergence and thus weakness for the current move up, so it’s possible to see a move towards 1.1200 today, depending also on the economic data released by Europe and the United States.

Fundamental Outlook

At 7:00 am GMT the German Prelim Gross Domestic Product is released, showing the overall performance of the German economy. No change is expected from the previous 0.3% but if a higher number is posted, the Euro is likely to strengthen.

The U.S. Retail Sales come out at 1:30 pm GMT, with a forecast change of 0.1% (previous -0.1%). Sales made at retail levels represent a major part of economic activity, thus higher numbers are beneficial to the US Dollar. The last important economic indicator of the week is the University of Michigan Consumer Sentiment, a survey of about 500 consumers regarding their opinion on current and future economic environment. The release is scheduled at 3:00 pm GMT and the forecast is 92.6, slightly better than the previous 92.0. Higher values usually strengthen the US Dollar.

GBP/USD

Yesterday the pair descended again below 1.4475 but didn’t continue lower into support, showing that neither side is in clear control.

Technical Outlook

The recent drop took price below the 50 period Exponential Moving Average and below 1.4475 so the short term bias is slightly bearish now, as long as price remains below the mentioned technical levels. Near support is located at 1.4350 and a break of this level would imply that further downside will follow; on the other hand, a move above 1.4475 would make 1.4565 the next target.

Fundamental Outlook

The United Kingdom didn’t prepare any major economic news releases for today so all eyes will be on the United States for the indicators 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

$2017 Forex No Deposit Exclusive Bonus – FreshForex

$2017 Forex No Deposit Exclusive Bonus – FreshForex(0)

$2017 HotNo Deposit Exclusive Bonus Offer to all new verified customers. The $2017 Forex No Deposit Bonus offers you a unique opportunity to test trading strategies of FreshForex Link:  $2017 Hot No Deposit Bonus offers Available to: All New Traders. Ending Date: 15 January 2017 Bonus Offer: $2017 Forex No Deposit Exclusive Bonus Offer to

100% Bonus Forex and Binary Options- MarketsYes

100% Bonus Forex and Binary Options- MarketsYes(0)

100% Holiday Cheer Deposit Bonus 2016 Forex / CFD and Binary Options to all New Traders. MarketsYes is glad to offer prospective clients for every deposit up to 1000 USD/EUR/GBP a 100% Holiday Cheer Deposit Bonus Link: 100% Holiday Cheer Deposit Bonus 2016 Link:  $25 Free Bonus Forex / CFD & Binary Options Available to:

$10 Binary Options No Deposit Bonus – Hirose UK

$10 Binary Options No Deposit Bonus – Hirose UK(0)

$10 Binary Options Free No Deposit Bonus Campaign is available for new clients who open a Binary Option Account. It’s that simple. Link: $10 Free No Deposit Bonus Link: 50% First Deposit Bonus Available to: All new Binary Option Account Validity Date: 31 December 2017 Bonus Offer: $10 Binary Options Free No Deposit Bonus Campaign

$30 Free Bonus Plus 30% Deposit Bonus – Ayrex

$30 Free Bonus Plus 30% Deposit Bonus – Ayrex(0)

$30 Binary Options No Deposit Bonus to all New activated Clients. 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! This bonus allows you to profit without making an investment and trade binary options risk-free. Link:  $30

$50 Forex No Deposit Bonus Exclusive Offer – FortFS

$50 Forex No Deposit Bonus Exclusive Offer – FortFS(0)

$50 Forex No Deposit Bonus Exclusive Offer to New and Existing Traders. The $50 Forex No Deposit Welcome Bonus can be received within the promotional time period, from 28.11.2016 to 07.12.2016 inclusive. Link:  $50 Forex No Deposit Welcome Bonus Link:  Up to 50% Bonus of Every Deposit Link:  15% Support Margin Bonus Available to: New

$25 Countdown Forex Bonus Promotion 2017 – ForexTime

$25 Countdown Forex Bonus Promotion 2017 – ForexTime(0)

$25 Countdown Forex Bonus Promotion 2017 new and existing will be eligible traders. ForexTime is offering by receive a $25 credit bonus when they make a deposit of $300 into their accounts*. Link:  $25 Countdown Credit Bonus 2017 Link:  Loyalty Cashback Promotions Link:  $4 Cashback back for every lot Ending Date: 31 December 2016 Available

100% US NFP Bonus Promotion December 2016 – Xtrade

100% US NFP Bonus Promotion December 2016 – Xtrade(0)

Up to 100% Deposit Bonus Promotion to All New and Existing Customers. December 2016 US NFP Announcement Deposit NOW $1000 to $5000 and receive 100% bonus! Link:  $50 No Deposit Bonus Promotion Link: 100% Deposit Bonus Promotion Link:  Free Flight Tickets to Madrid Available to: All New and Existing Customers Bonus Ending Date: Valid 01/12

100% Welcome Bonus Plus Risk Free Trade – Trade12

100% Welcome Bonus Plus Risk Free Trade – Trade12(0)

Get 100% Welcome Deposit Bonus and 7-day risk free trade, Boost your trading with a free 100% Welcome Deposit Bonus to your Live Trading Account. Link:  Get 100% Welcome Bonus Link: 50% Exclusive Deposit Bonus Available to: All new clients Ending Date: 31 December 2016 Bonus Offer: Get 100% Welcome Deposit Bonus Plus 7-day risk

Get 25% Credit Bonus on their first Deposit – HYCM

Get 25% Credit Bonus on their first Deposit – HYCM(0)

25% Credit Bonus 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 2016 Available to:   New Clients only Bonus Offer: 25% Trading Bonus Available on your deposits to New Clients only. This promotion is

$300 Free win Forex Trading Credit Bonus – easyMarkets

$300 Free win Forex Trading Credit Bonus – easyMarkets(0)

$300 Free win Forex Trading Credit Bonus to all new and existing clients. Answer the weekend quiz and fill the form with your correct and accurate contact details. Link:  50% Deposit Bonus Up to $2000 Link:  $300 Free win Trading Credit Bonus Link:  $25 Forex No Deposit Bonus Available to: All new and existing clients.

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