Will today’s economic data push the euro towards $1.15?
Dear Traders,
the U.S. dollar traded lower against the euro and British Pound, as a result of a “patient” Federal Reserve. The Fed has made it clear that there is no rush to raise rates in the next couple of months and also the Eurozone’s concerns about a Greek default are off the table, at least for the short term.
Yesterday afternoon, ECB President Mario Draghi expressed optimism when he said that stimulus starts to a have positive impact on growth. His comments suggest that the ECB may no longer be looking to increase stimulus in the near term.
On the bottom line, there are chances that the euro is prime for a test of 1.15.
While the euro continued to trade sideways within narrow ranges, the British Pound broke above 1.55. We expect further strength up to 1.5585. With a significant break above 1.56 sterling could make its way towards 1.5750.
Today, there is a bunch of important economic data scheduled for release. A decline in U.S. Consumer Prices and Durable Goods Orders could lead to further losses in the USD.
9:55 EUR German Unemployment Data
10:30 UK GDP
14:30 USA Consumer Prices & Durable Goods Orders
timezone: UTC+1
We wish you a good trading day!
Daily Forex Signals:
EUR/USD
Long @ 1.1387 SL 25 TP 20, 50
Short @ 1.1335 SL 25 TP 30 -40
GBP/USD
Long @ 1.5565 SL 25 TP 20, 40
Short @ 1.5490 SL 25 TP 20, 40
Daily Signal- performance in pips:
January 2015: EUR/USD: +240 pips, GBP/USD: +200 pips
December 2014: EUR/USD: +405 pips, GBP/USD: +230 pips
November 2014: EUR/USD: + 135 pips, GBP/USD: + 190 pips
October 2014: EUR/USD: + 255 pips, GBP/USD: +390 pips
September 2014: EUR/USD: + 336 pips, GBP/USD: + 424 pips
Signal success rate: EUR/USD: 69 %, GBP/USD: 65 %
February 2015
- EUR/USD: +320 pips
- GBP/USD: +115 pips
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