Euro And Cable: Muted Price Development
There is nothing new to report as yesterday’s price development was anything but spectacular.
The euro hovered around the 1.15-level while gains were capped at 1.1530. Consequently, euro bulls’ efforts didn’t pay off and we suffered some losses with our long-entry. As expected, the 1.1510-1.1540 zone proved to be a short-term resistance for the EUR/USD and we will now wait for prices above 1.1540 or even better for a break above 1.1565 in order to buy euros. On the bottom side, the 1.1450-level remains in focus and euro bears might have to wait for prices below 1.1440 and 1.1430 before downward momentum may intensifies.
There are no important economic reports from the eurozone scheduled for release today. The only second-tier report from the U.S. will be Continuing and Initial Jobless Claims due at 12:30 UTC.
The British pound initially dropped towards 1.4460 but the downward move was not sustained and so GBP ended the day more or less unchanged against the U.S. dollar. The U.K. Services PMI is scheduled for release at 8:30 UTC and if data disappoints, sterling could fall towards 1.4430.
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