.
NEW YORK
13:45
LONDON
18:45
PARIS
19:45
FRANKFURT
19:45
HONG KONG
00:45
TOKYO
02:45
SYDNEY
03:45
  • Trade Now

UFXBank Forex Outlook: EUR/USD Down on Sovereign Debt Concerns

Written by UFXBank Research Team
Rate this item
(0 votes)

USD Dollar (USD) – The Dollar strengthened versus the other major currencies in Forex trading after Federal Reserve Chairman Ben S. Bernanke said the central bank may boost purchases of U.S. debt, which then succeeded to support a stronger Dollar. The NASDAQ increased by 0.13% and the Dow Jones decreased by 0.17%. Crude oil rose by 0.2% and closed at $89.38 a barrel, the highest price in two years. Gold (XAU) strengthened to a new historic record, rising by 0.7% and closed at $1422.40 an ounce. No major economic data is expected today.

Euro (EUR) – The Euro fell against most major currencies as European officials showed divisions about how to contain the sovereign debt crisis, damping appetite for the region’s currency. The main support of the EUR/USD on the daily chart is 1.3250, and if the price breaks below this level, the Euro could fall below 1.3200 levels. Overall, EUR/USD traded with a low of 1.3246 and with a high of 1.3421. Today, German Factory Orders are expected to become positive, from -4.00% to 1.90%.

EUR/USD – Last: 1.3342

Resistance

1.3381

1.3425

Support

1.3285

1.3245

1.3200

British Pound (GBP) – The Pound weakened versus the Dollar as concerns over the sovereign debt crisis in the euro zone helped in drifting the pound and other higher risk currencies trading against the Dollar. The next resistance for GBP/USD on the daily chart is located at 1.5800, and if the rate breaks above this rate, a long position is preferred. The support level on the one hour chart is 1.5650. Overall, GBP/USD traded with a low of 1.5655 and with a high of 1.5770. Today, Manufacturing Production is expected to rise from 0.10% to 0.30%.

GBP/USD - Last: 1.5740

Resistance

1.5755

1.5790

Support

1.5700

1.5650

1.5580

Japanese Yen (JPY) –The Yen traded within a very narrow range versus the Dollar after no major news from these areas was released that could influence a big movement on this pair during either the Japanese or US sessions. As long the USD/JPY is trading below the 83.20 level, a short position is preferred. The 20 moving average on the daily chart supports a downwards trend as well. Overall, USD/JPY traded with a low of 82.56 and with a high of 82.99. No economic data expected today.

USD/JPY-Last: 82.74

Resistance

83.00

83.40

83.85

Support

82.35

Canadian dollar (CAD) – The Canadian Dollar weakened against the US Dollar after Canadian Building Permits came out at -6.5% vs. the -2.9% forecast in October. This led investors to sell the Canadian currency during the session. The support level of the USD/CAD on the daily chart is still located at 0.9980, and if the price breaks below this level, the momentum will continue to be negative for the US Dollar. If the price crosses the 1.0120 level, the dollar could rise to the 1.0200 level. Overall, USD/CAD traded with a low of 1.0021 and with a high of 1.0083. Today, BOC Rate Statement and Interest Rate Decision is expected to remain at 1.00%.

USD/CAD - Last: 1.0050

Resistance

1.0080

1.0120

1.0190

Support

1.0030

1.0000

 

 

 

Add comment


Broker of the Month

logoUFXMarkets provide up-to-date charts and news feeds, coupled with an easily navigated trading platform. UFXMarkets traders can access the biggest market in the world 24 hours a day with ease.

By keeping their platform, site and deposit process simple, safe and secure, UFXMarkets have become the web’s premier online forex trader.


Currency converter
Amount:
From:
To:


Polls

Which is the Best Forex Broker you have traded with?

Interview with Matthew Sheppard

Senior Forex Advisor at XForex


1. What is your name and position?

Hello, my name is Matthew Sheppard and I am a senior forex advisor at XForex.

2. What is your experience and professional background?

In the last 6 years I had filled several positions in financial institutions such as a stock broker, a foreign exchange desk manager, a financial consultant and in my recent role I serve as a senior Forex advisor for XForex which is an online forex company.

3. What type of clients you deal with?

We deal with clients on all levels from the beginning stages to the more advanced trading levels.

4. Does most of your business activity come from the online or offline world?

Because of our high presence on the web, most of our business comes from the online world.

5. Why should a trader pick XForex from all forex brokers?

Aside from all the benefits that XForex offer like commission-free trading, 24/7 online support, high leverage (200:1), XForex offers educational and learning trading experience that you won’t find anywhere else..

Our team of experts and financial trainers provide personal assistance and guide clients to financial success. We provide daily analysis and market reviews to our clients giving them a better understanding of the market and helping them trade profitably.

6. From your experience, what advice would you give a person who wants to enter the forex world?

My advice to the beginning trader entering the Forex world is as follows:
  • Learn the market and understand what you’re getting into.
  • Research and find the broker that suits your needs and wants. Look for a good offering but more importantly customer service, don’t go for the low rates offer without being certain they have a good customer service department. From my extensive experience in the Forex world your key to success will be your client-broker relationship. I can honestly say that at XForex they put an emphasis on servicing clients, which is so important.
  • Invest smartly and calculate your risks.
  • Always know when to get out of a trade.