EUR/USD: Euro extending its Friday’s gains

January 14, 2013

EURUSD Movement

For the 24 hours to 23:00 GMT on Friday, EUR rose 0.53% against the USD and closed at 1.3343. The Euro on Friday catapulted to its highest level against the Dollar since April 2012, a day after the European Central Bank, Chief Mario Draghi set a bullish tone by not giving any indication the bank would ease monetary policy.

On the economic front, on a calendar adjusted annual basis, industrial production in Spain slipped 7.2% (YoY) in November, following a 3.1% drop recorded in October, whereas in France, the current account deficit remained unchanged at €2.9 billion in November.

Meanwhile, the US Dollar came under pressure, after the US trade deficit widened in November. The budget deficit in the US narrowed to $260.0 million in December, compared to a deficit of $86.0 billion recorded during the same period last year, while trade deficit widened to $48.7 billion in November, from a revised $42.1 billion deficit in October.

In the Asian session, at GMT0400, the pair is trading at 1.3392, with the EUR trading 0.37% higher from Friday’s close, as traders expected that Ben Bernanke’s speech due today evening would dispel the doubts raised on easing by FOMC minutes released recently.

The pair is expected to find support at 1.3292, and a fall through could take it to the next support level of 1.3192. The pair is expected to find its first resistance at 1.3448, and a rise through could take it to the next resistance level of 1.3504.

Trading trends in the pair today would also take cues from industrial production data due to be released in the Euro-zone.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.


Publication source
GCI information  GCI reviews

January 19, 2017
Is equilibrium out of reach?
Let’s check what’s going on with Oil before turning our attention to the Russian Ruble. “Black gold” is forming a reversal pattern next to the key level of 52.10. The only matter is that this pattern is above the horizontal level, but the 52.10 level can potentially become the neckline of our pattern...
January 18, 2017
Trump Inauguration Market Outlook
Friday, January 20, 2017 will mark the historic inauguration of what promises to be a highly unconventional US presidential administration...
January 17, 2017
Oil spikes higher on Saudi Oil minister comments
Oil has spiked higher on Al Falih comments in Davos (Saudi oil minister). He said during a panel discussion at WEF in Davos that there will be inflation in the cost of doing business in the oil industry, following the squeeze that accompanied the decline in crude prices...

EXNESS Rating Rating Trade Rating
HotForex Rating
Vantage FX Rating
OctaFX Rating

First Binary Option Service Rating
Porter Finance Rating
IQ Option Rating
Dragon Options Rating
OptionFair Rating
OptionRally Rating