.
NEW YORK
13:39
LONDON
18:39
PARIS
19:39
FRANKFURT
19:39
HONG KONG
00:39
TOKYO
02:39
SYDNEY
03:39
  • Trade Now

UFXBank Forex Outlook: Euro Ends Down Week with a Loss

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

USD Dollar (USD) – The U.S. currency rose against most of its major counterparts after benchmark Treasury yields reached a six-month high last week on speculation that an extension of tax cuts will boost U.S. growth. The NASDAQ increased by 0.80% and the Dow Jones rose   by 0.35%. Crude oil fell by 0.7% and closed at $87.79 a barrel. Gold (XAU) fell by 0.6% and closed at $1384.90 an ounce. Today, no economic data is expected.

Euro (EUR) – The euro fell against the Dollar on Friday, closing a week of daily drops in Forex trading. European Union leaders will discuss, this week, the creation of a permanent mechanism to shore up over-indebted countries as the European Central Bank tries to hammer out plans to aid the region’s weakest lenders. As long as the pair is trading below 1.3250 levels, a short position is still preferred according to the 1 Hr chart. Overall, EUR/USD traded with a low of 1.3178 and with a high of 1.3283. Today, the ECB president will speak.

EUR/USD – Last: 1.3192

Resistance

1.3207

1.3262

1.3306

Support

1.3172

1.3077

British Pound (GBP) – The Pound rose against the Dollar after the PPI Output came out at 0.30% as expected. The next resistance of GBP/USD according to the daily chart is located at 1.5900, and if the rate breaks above this rate, a long position is preferred, if the rate breaks below the 1.5700 levels, the pair could decline to 1.5600 levels. Overall, GBP/USD traded with a low of 1.5747 and with a high of 1.5862. Today, PPI Input is expected at 0.50% vs. 2.10% previously.

GBP/USD - Last: 1.5782

Resistance

1.5837

 

 

Support

1.5763

1.5716

1.5658

Japanese Yen (JPY) –The Yen fell against the Dollar last Friday. The Bank of Japan’s forecast for an end to deflation in 2011, and 35 trillion yen ($417.8 billion) of spending, have done little to change the thinking in the bond market, where investors see eight more years of falling prices. As long as the USD/JPY is trading above 83.00 levels, a long position is preferred and the next resistance level is located at 84.40. Overall, USD/JPY traded with a low of 83.45 and with a high of 84.01. No economic data is expected today.

USD/JPY-Last: 84.11

Resistance

84.27

Support

83.89

83.47

82.53

Canadian Dollar (CAD) The Looney rose for a third day, trimming gains as stocks pared an advance. The Bank of Canada said in a report, that the risks to the nation’s financial system have increased in the past six months because of Europe’s debt crisis, global trade imbalances, and rising debt of local households. The trade balance came out at -1.70B, better than the expected -2.00B. The resistance level of the USD/CAD on the 1 hour chart is located at 1.0150, and if the price breaks above this level, the momentum will become a positive for the US Dollar. Overall, USD/CAD traded with a low of 1.0083 and with a high of 1.0116. Today, the BoC Gov Carney speaks.

USD/CAD - Last: 1.0094

Resistance

1.0112

1.0134

Support

1.0070

1.0029

 

 

 

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.