EUR/USD Hovers With Tight Range, Eyes On U.S Data

Published on Friday, 14 April 2017 08:51 ,by  FxGrow Investment Research Desk



EUR/USD traded flat with stingy 22-pips price action and clocked a high 1.0627, still below 50-SMA (D1) at 1.0663, with a cautious tone persisting across the financial markets against the back drop of the geopolitical tensions surrounding North Korea and today's U.S Mother of all Bombs release on Afghanistan for the first time.

On other hand, French elections knocking on doors with the first round on April 23 2017 and bets are placed by markets between Macron and Le Pen (Anti EU), expectations of high volatility before and after results. Will the EU witness another departure after Brexit and now Frexit?

The pair awaits U.S Data today with Consumer Price Index and Retail Sales in focus. Forecasts for CPI is booked at 0% compared to 0.1% previously, whilst Retail sales scored 0.1% earlier and predictions are left untouched as previously. CPI and Retail sales will impact U.S Index highly, but these two data are vital for inflation and U.S Fed will be watching closely results which will either set the hawkish to dovish tone for next FOMC meeting.

Fundamentals:

1- USD - CPI and Retails sales today both scheduled at 12:30 PM GMT.

Technical overview:  

Trend : Bearish

Resistance levels: R1 1.0648 R2 1.0699, R3 1.0723

Support levels : S1 1.0589, S2 1.0550, S3 1.0518

Comment: The market is still in bear trend and the back off on Thursday cautions for pressured action early this week to test last week's basing levels at 1.0637. A close under 1.0637 indicates a further selloff towards S1 level. Trade may creep back higher, but a push over 1.0709 is needed to foster rallies to challenge 1.0738 for a short term bottoming upturn. U.S Data today will draw a better picture on how the cable shall perform.   

 

 
visa visa electron mastercard maestro cashu neteller webmoney skrill bankwire
yandex qiwi okpay

AWARDS



ciot expo AWARD 2012 BEST BROKER OF THE YEAR AG BEST BROKER EXECUTION HOUSE 2012 South Africa Forex Expo BEST INTERNATIONAL BROKER SA FOREX EXPO 2012 JFEX JORDAN FOREX EXPO 2012  LOWEST SPREAD/FASTEST EXECUTION
AWARD 2012
BEST BROKER OF THE YEAR
BEST BROKER EXECUTION
HOUSE 2012
BEST INTERNATIONAL BROKER
SA FOREX EXPO 2012
JORDAN FOREX EXPO 2012
LOWEST SPREAD/FASTEST EXECUTION


NEED HELP?

chat LIVE CHAT

FOLLOW US

facebook twitter linkedin google plus

OPEN ACCOUNT

open demo account open live account
* TRADING FOREX AND CFDS IS RISKY
DON'T HAVE AN ACCOUNT YET?
* TRADING FOREX AND CFD IS RISKY
X
 x 

Request a call back

Please fill out and submit the form below and we will call you back

CallBack EN
  1. Name*
    Please provide your First Name
  2. Phone*
    +Invalid Input
    Please Provide Your phone number
  3. Best time to call
    Invalid Input
    xWhat is the best time to call?
    00
    00
    AM

×
RISK WARNING : FOREX and CFDs are high risk leveraged products and can result in the loss of all invested capital. CFDs may not be suitable for all investors. Please read our full Risk Disclosure Statement.
RISK WARNING : FOREX and CFDs are high risk leveraged products and can result in the loss of all invested capital. CFDs may not be suitable for all investors. Please read our full Risk Disclosure Statement.