U.S. Data will determine the market’s appetite for USD
Dear Traders,
Welcome to a new trading week.
Last Friday was characterized by a steady uptrend in the EUR/USD, providing traders a nice profit. The GBP/USD, however, played a spoiling rule and tortured traders with choppy moves and losing trades within a narrow 80-pip range.
New week, new chances
There are plenty of economic data reports this week which should be worthwhile to pay special attention to. On Tuesday, U.K. Consumer Prices are scheduled for release, followed by the German ZEW survey, which will be the only market-moving eurozone data this week.
On Wednesday the focus will be on U.K. labor market data, U.S. Retail Sales and the Fed Beige Book.
U.S. Consumer Prices are scheduled for release on Thursday. Market participants are likely to pay close attention to this report, as the Federal Reserve’s main concern is inflation and a further decline may increase concerns about the timing for a liftoff.
Technical perspective:
EUR/USD
We got what we were looking for last week – a breakout of the euro’s narrow trading range. The euro now faces a next resistance area at 1.1435 – 1.1460. Fresh bullish momentum should only be considered with a break above 1.1470. Remaining below 1.14, current supports could be at 1.1320, 1.1290 and 1.1220.
GBP/USD
The British Pound corrected its recent uptrend, marking a current resistance at 1.5370-80. Chances are that a significant break above 1.5340 drives the pair towards a test of 1.54 and 1.5430. A current support is seen at around 1.5250. Below 1.5240, GBP is likely to drop towards 1.5150.
Have a good start to the week.
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