we hope you had a good start in March 2014. Yesterdays’ trading was formative by short trends which is due to the current Ukraine Crisis.
On Thursday market strategists will listen to the ECB rate decision, where most economists expect that the ECB won’t lower its current interest rate this week. This expectation is probably priced into lately up trends.
Furthermore there are various important news release on tap this week:
- Wednesday – Services PMI – GBP, ADP Nonfarm Employment change & ISM Non-Manufacturing PMI –USD
- Thursday- Interest Rate decision GBP & EUR
- Friday – Nonfarm Payrolls and Unemployment rate USD
So, this will be an interesting first week of March.
These are the current resistances and supports of EUR/USD and GBP/USD:
Resistance @ 1.3800/10
Support @ 1.3700/ 1.3655/ 1.3600
Resistance @ 1.6720/60
Support @ 1.6630 and 1.6490
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We wish you good trades and many pips!