Forex News: U.S. data released yesterday was mixed, with the CPI matching expectations and Retail Sales coming above forecast but the US Dollar was mostly unfazed initially and the pair continued its ascension, reaching a high at 1.1860.
Daily FX Analysis
Forex News: Selling pressure around the greenback increased yesterday and the pair broke above the resistance at 1.1670, a fact which triggered additional upside movement.
Forex News: The pair showed a ranging session yesterday, approaching the 50 period EMA and then bouncing higher, without enough force to break resistance. The lack of major economic releases contributed to the slow movement.
Forex News: U.S. consumer sentiment data disappointed Friday, allowing the Euro bulls to take price above the 50 period Exponential Moving Average and into the resistance at 1.1670. The pair posted fresh weekly highs but it didn’t exit the ranging phase.
Forex News: The EU Economic Forecasts showed that growth is on the right track and this boosted the Euro during yesterday’s trading session, taking the pair above immediate resistance and above the 50 period Exponential Moving Average.
Forex News: The choppiness continued yesterday and the pair drifted generally sideways. This was mostly due to a lackluster economic environment, without any important data releases.
Forex News: The pair showed rejection at resistance yesterday and picked up speed, moving south and breaching the previous low at 1.1575. The move was mostly due to increased US Dollar demand, in absence of any notable economic data.
Forex News: Monday’s trading session had a bearish bias but overall action was slow and no major developments took place, mostly due to the lack of fundamental incentives.
Forex News: The U.S. Non-Farm Payrolls released Friday failed to meet the market expectation of 312K but still showed a higher number than previous. This initially created a spike up, which was soon reversed and the pair ended the trading week on support.
Forex News: The pair behaved erratically yesterday and dropped below 1.1600 support just to jump higher immediately after. Price remained below the 50 period Exponential Moving Average but this type of price action calls for caution.