Forex News: The pair had a flat day before the release of the FOMC Minutes but volatility increased at the time of the announcement and the Dollar weakened. The support at 1.1170 is still intact and shows clear rejection at the time of writing.
Daily FX Analysis
Forex News: The German IFO Business Climate survey released yesterday posted a better than expected value but this didn’t help the Euro to push higher, mostly because the pair was already overbought for a long period.
Forex News: The Euro got another boost yesterday, this time from Germany’s Merkel, who mentioned that she considers the currency “too weak”. The comment sent the pair higher, rebounding around 1.1170 and moving past 1.1240 resistance.
Forex News: Friday the buyers remained in control, taking the pair above the previous top at 1.1170. The economic scene was calm, without major releases and most of the move was technical.
Forex News: Yesterday the bulls pushed the pair higher, reaching a high at 1.1170. The U.S. Unemployment Claims showed a better than expected number, contributing to a limited extent to a pullback that tested 1.1120.
Forex News: The Euro continued to strengthen and the pair showed another bullish session, moving above the long term resistance located at 1.1120. Despite the overextended condition of the pair, the buyers remained in control.
Forex News: The pair climbed for more than 100 pips yesterday, without retracing lower and the bulls scored a major victory by taking price way above 1.1000 psychological level.
Forex News: The pair remained above the 50 period Exponential Moving Average yesterday and had a strongly bullish session, without retracing lower. No major economic indicators were released, so most of the move was technical.
Forex News: U.S. Consumer Price Index disappointed Friday by showing a change of only 0.2% (forecast 0.3%), but also the Retail Sales showed a 0.4% change compared to the expected 0.6%. All this combined with rumours of ECB tapering the QE, triggered a strong move up.
Forex News: Yesterday’s trading session belonged to the bears, who managed to test 1.0850 support, partly helped by a better than expected value of the U.S. Producer Price Index.