|Day's Range||1.132 - 1.134|
|52 Week Range||1.1186 - 1.2478|
Investing.com - The British pound edged lower in early European hours on Thursday, easing off the prior session's nine-month high ahead of another Brexit vote.
The U.S. dollar remains weak against many of its rivals on Wednesday following some economic data a day after inflation figures fail to provide support. Meanwhile, the British pound climbs versus its main rivals after the U.K. Parliament reject a no-deal Brexit on March 29.
Positive Durable Goods Order data merely supported the plunging USD Index; Yen to remain silent amid risk-sentiments; AUD drifts near two-month low
Manhattan District Attorney Cyrus Vance on Wednesday indicted Paul Manafort for residential mortgage fraud. The indictment comes just after the second sentencing of President Trump's former campaign manager, in which the combined sentence will be 90 months. "Following an investigation commenced by our Office in March 2017, a Manhattan grand jury has charged Mr. Manafort with state criminal violations which strike at the heart of New York's sovereign interests, including the integrity of our residential mortgage market," Vance said in a statement. Presidents cannot pardon state crimes.
The Euro continues to recover during the trading session on Wednesday, reaching towards the 1.13 level. That is an area that is psychologically important obviously, it of course the scene of a major selloff after the ECB press conference.
Investing.com - Sterling rallied Wednesday as U.K. lawmakers voted to reject leaving the EU without a withdrawal agreement.
Investing.com - The U.S. dollar drifted lower on Wednesday as economic data stateside reinforced the Federal Reserve’s current neutral stance on interest rates, while currency pairs moved on economic and political news abroad.
Going forward, the possibility of no deal Brexit increased a lot and will be a shock to the system. The 1.27 level underneath is massive support and a break below could send the market towards the 1.25 level and much below. The pair is also pressing at the major resistance level, placed at 0.71 level and if it breaks above, it will help the market to reach towards the 0.72 level.
Based on the early price action, the direction of the EUR/USD on Wednesday is likely to be determined by trader reaction to the 50% level at 1.1298.
Weak US inflation data put the greenback back under further pressure and parliament vote on Brexit deal put EURO under pressure resulting in rangebound price action.
It’s all eyes on Parliament today. Could members of Parliament actually vote in favor of a no-deal Brexit?
Tuesday’s session is dominated by the British pound and news flow surrounding Brexit ahead of a key votes on how the U.K. will leave the European Union on March 29.
The Euro rallied again during the trading session on Tuesday, reaching towards the 1.13 level, before pulling back slightly. However, when you look at the larger picture it’s obvious that we are in a major consolidation area.
Investing.com - The U.S. dollar was down sharply Tuesday as tame U.S. inflation data affirmed expectations the Federal Reserve will continue to hold off raising interest rates. But a slump in the pound limited downside in the greenback ahead of a key U.K. vote.
Based on the early price action, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the downtrending Gann angle at 1.1260.
The National Federation of Independent Business said its small-business optimism index inched higher in February after hitting in January the worst levels since the 2016 presidential election. The optimism index rose 0.5 point to 101.7, with 5 out of the 10 components increasing, led by a 5-point gain in those who expect the economy to improve. It nonetheless was the second-worst reading since Dec. 2016. "Small business owners are thankful to have the government shutdown in the rearview mirror but need more certainty about the future," said NFIB President and CEO Juanita D. Duggan in a statement.
The pair trades range bound on caution ahead of UK parliament vote but spread difference between EU-US hints at bearish breakout which could be confirmed based on macro data outcome and UK Parliament related headlines.
It’s a positive start to the day for the Pound. Markets have a worst-case scenario being a delay, while a soft could be the outcome if Theresa May wins.
Investing.com - The pound rallied in early European hours on Tuesday after British Prime Minister Theresa May secured last-minute changes from the European Union for her Brexit deal before a crucial vote in parliament later in the day.
The U.S. dollar slips into negative territory as the U.S. trading day draws to a close, following a highly anticipated retail sales report that drew little reaction from the greenback. Instead, traders focused on a buoyant British pound, which rallied as traders awaited a key Brexit vote.
The Euro shot higher during early trading on Monday, as we have found the region around the 1.12 level to cause a certain significant amount of support. This is a large round number that has been paid attention to for some time, and the recovery on Friday of course was rather impressive.
Investing.com – The dollar was roughly unchanged against its rivals Monday as investors digested mixed U.S. retail sales data showing an unexpected rise in January, but a downward revision to December's sharp decline, while a sharp rise in the pound also weighed.
The last two trading days of last week were wild! This is especially true for the EURUSD pair, which was first rocked by the ECB and then, for dessert, by the ultra-low NFP reading on Friday. The first event was much more important and left a big scar on the chart; one that was definitely anticipated by technical analysts.
Based on the early price action and the upside momentum, the first target is a downtrending Gann angle at 1.1560. Look for sellers on the first test of this angle. Overtaking the angle will indicate the short-covering is getting stronger. This could trigger a further rally into the 50% level at 1.1298.
Rangebound action to continue in immediate future amid lack of directional bias and weakness surrounding USD.