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EUR/USD & GBP/USD: Range-Bound Price Action

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Dear Traders,

There was nothing to gain for traders of the EUR/USD and GBP/USD Monday with both major currency pairs trading flat within tight trading ranges. The euro took a brief glimpse above 1.1210 but was unable to hold above that level. The cable however, traded choppily sideways between 1.2760 and 1.2705 while none of our daily signal entries provided a sustained profit.

Market participants will now focus on an address by Fed chair Yellen at 17:00 UTC. If she does not touch on monetary policy, her speech could have very little impact on the U.S. dollar. During the European trading session, monetary policy and financial stability will remain in focus with Bank of England Governor Carney due to speak at 10:00 UTC.

Furthermore, U.S. Consumer Confidence is scheduled for release at 14:00 UTC.

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Euro And Cable: Sideways Movement Continues

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Dear Traders,

Despite better than-expected U.S. economic data the greenback refused to trade higher versus its major peers – this was at least the case in the EUR/USD and GBP/USD. Having already fully discounted a Federal Reserve rate hike in December, investors will now wait for fresh hints about the future rate hike path before entering new long-term positions.

The euro traded sideways and, as expected, the currency pair remained confined to a trading range of nearly 100 pips. While the support at 1.0560 is still intact the euro might tend to test the 1.0715-resistance level, before resuming its overall downtrend. However, if the euro is unable to trade above 1.0670 we will shift our focus to a renewed break below 1.0580.

The cable remained stuck between 1.2530 and 1.2385. A break above 1.2530 may send the pound slightly higher towards 1.2550 but for the pound to rise towards higher targets this resistance level must be significantly breached in order to ignite fresh bullish potential. On the downside we will keep an eye on a break below 1.24.

The Bank of England publishes the results of its annual bank stress tests alongside its Financial Stability Report at 7:00 UTC. Following the report, BoE Governor Mark Carney will hold a press conference, so sterling traders should keep an eye on the price development as the pound might be vulnerable to volatile swings.

From the Eurozone we have the German Unemployment Report scheduled for release at 8:55 UTC, followed by Eurozone CPI data at 10:00 UTC. Chances are that these reports will have a positive impact on the euro, pushing it towards 1.0715. Furthermore, ECB President Mario Draghi speaks in Madrid at 12:30 UTC.

Last but not least, it should be worth watching the release of upcoming U.S. data, such as the ADP report due at 13:15 UTC, PCE numbers at 13:30 UTC and the Fed’s Beige Book at 19:00 UTC.

So it could be an interesting trading day with hopefully profitable trading chances.

Daily Forex signals:

Additional daily and long-term entries are available for subscribers.

View our daily signal alerts https://www.maimar.co/category/daily-signals/

Subscribe to our daily signal service https://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2016 Maimar-FX.

www.maimar.co

 

 

 

Upcoming Downward Move On BoE Financial Stability Report?

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Dear Traders,

Markets were quiet Monday with both major currency pairs fluctuating within narrow ranges. Unfortunately, breakout-traders had more to lose than to gain as both euro and cable trended sideways without showing any sustained price breakout. However, this may change today with Bank of England Governor Carney outlining the central bank’s macroprudential tools to support the economy in a post-Brexit world. After signaling a willingness to cut interest rates in the near-term, the governor is set to present the financial-stability assessment today at 9:30 UTC.

The governor will give a press conference 30 minutes after the publication of the Financial Stability report. The report and Carney’s rhetoric will be main risk events for traders on Tuesday and could significant influence the pound sterling as well as the euro.

Before coming to the BoE report, Eurozone Retail Sales and U.K. PMI numbers are scheduled for release but these reports are not expected to have a significant impact on the currencies. From the U.S., we have second-tier data such as Factory and Durable Goods Orders scheduled for release at 14:00 UTC.

From a technical perspective we are still looking for breakouts above 1.3340 or below 1.3240 in the GBP/USD and respectively, above 1.1170 or below 1.1070 in the EUR/USD.

Daily Forex signals:

View our daily signal alerts https://www.maimar.co/category/daily-signals/

Subscribe to our daily signal service https://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2016 Maimar-FX.

www.maimar.co