There is not much news to report in the Forex market on Wednesday with both of our major currency pairs moving sideways. Despite stronger than-expected U.S. economic data, the dollar ended the day unchanged against the euro and British pound.
The euro continued to trade sideways within a tight price range of merely 50 pips. None of our entries was triggered yesterday and we will have to wait for price breakouts above 1.1270 or vice versa, below 1.1120.
The pound sterling took a breather and traded consolidated. As long as it remains firmly above 1.27 we shift our focus to the 1.2775-resistance which needs to be breached on the upside in order to invigorate bullish momentum. Below 1.2680 however, we expect the pound to extend its losses towards 1.2640.
Today we get Initial and Continuing Jobless Claims at 12:30 UTC ahead of tomorrow’s big payrolls number, but we don’t expect this report to spark any major movement before the highly anticipated U.S. jobs data release.
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