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FOREX NEWS: THE CALM AFTER THE STORM?
Forex News: The FOMC cluster of events generated huge volatility yesterday but unfortunately the price movement was almost untradeable at the time because of huge whipsaws and choppy up and down movement.
Yesterday’s price action holds absolutely no technical clues about future movement but the fact still remains that 1.3585 resistance couldn’t be broken decisively. This increases the chance of a bearish trend resumption but moves above the mentioned level will make 1.3680 the next potential target.
The Eurogroup Meetings start today and are attended by finance ministers of countries where Euro is the main currency; the President of the ECB will also participate and the discussions which will take place will have an impact on the Euro’s future direction. Later in the day, at 2:00 am GMT the Philly Fed Manufacturing Index is released, showing the opinions of about 250 manufacturers from the Philadelphia district regarding the current level of business conditions. The expected figure is 14.3, a decrease from the previous 15.4 and usually lower numbers are detrimental for the US Dollar.
The pair was also highly affected by the US events but price action was slightly more docile than EUR/USD. We had another encounter with 1.6996 and a bounce off 1.6920 in what was a hectic trading session.
We saw yesterday a clear rejection at 1.6920 which has now turned into support, a fact which makes 1.6996 the next destination for the pair. At the moment the bullish momentum is renewed by the immediate bounce at support and it seems like the Pound is headed for new highs. A break of support would invalidate this scenario.
At 10:00 am GMT the CBI Industrial Order Expectations are announced and anticipated to rise from 0 to 3. The indicator is a survey that asks British manufacturers to rate the expected volume of orders during the next three months and usually expectations above 0 indicate optimism and strengthen the Pound.
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