Forex News: Price action resumed yesterday but no substantial developments took place, as it was anticipated due to the low trading volumes.
Daily FX Analysis
Forex News: Markets and banks were closed yesterday due to Christmas and price action came to a total stop. Today some European countries celebrate Boxing Day, so market behaviour will be still uncertain.
Forex News: After a dip Friday the pair bounced at support and pushed higher but remained in a range. The economic data was mixed and did not have a strong impact on the pair’s direction.
Forex News: Yesterday the pair remained in a choppy and tight range, without any major developments. The bulls failed to capitalize on the break of resistance and price returned below the level. The lack of major economic announcements contributed to this behaviour.
Forex News: The early part of yesterday’s trading session was choppy and without any major developments; however in the afternoon the Euro bulls managed to take the pair above resistance, despite a better than expected reading for the U.S. Existing Home Sales.
Forex News: US Dollar weakness persisted throughout yesterday’s trading session and the pair reversed an earlier drop that found support near the 50 EMA. The German IFO Business Climate survey came slightly below expectations but the impact wasn’t major.
Forex News: The German political scene was one of the catalysts behind the pair’s push above the 50 period Exponential Moving Average seen yesterday. The US Dollar weakened on concerns regarding the long awaited U.S. tax reform bill.
Forex News: The pair came under pressure Friday after failing to break above the 50 period Exponential Moving Average and finished the week in negative territory. The US Dollar has now erased all losses incurred after the FOMC Meeting.