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Forex Daily News: EUR/USD Looking Bullish

Written by UFXBank Research Team
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USD Dollar (USD) – The Dollar closed mixed against the other major currencies amid low volume in Forex Trading, as U.S. markets were closed for the Labor Day holiday. The NASDAQ and Dow Jones were closed as a result of the holiday. Crude oil declined by 0.2%, closing at $74.06 a barrel while Gold (XAU) fluctuated around $1250 an ounce. No economic data expected today.

EURO (EUR) – The Euro closed almost unchanged against the dollar in a day where almost no news was released in Europe, or the US, which could influence the pair. The EUR/USD has been trading upwards in the last few days and has reached a new resistance at 1.2950 on the daily chart. If the pair succeeds to cross this rate, the trend will continue to be bullish. Overall, EUR/USD traded with a low of 1.2867 and with a high of 1.2919. Today, German Factory Orders are expected to weaken from 3.2% to 0.6%.

EUR/USD – Last: 1.2801

Resistance

1.2855

1.2920

Support

1.2775

1.2660

1.2625

British Pound (GBP) – The Pound weakened for a fifth straight day against the Euro and declined versus the Dollar on speculation that signs of a slowing economy will prompt policy makers to consider increasing asset purchases when they convene for a central bank meeting this week. The GBP/USD is still trading in a negative range and still trading below the 10 moving average on the daily chart. Therefore, the momentum is bearish and the next support level on the daily chart is located at 1.5320. Overall, GBP/USD traded with a low of 1.5344 and with a high of 1.5489. No economic data is expected today.

GBP/USD - Last: 1.5378

Resistance

1.5490

1.5575

Support

1.5325

Japanese Yen (JPY) –The Yen rose a bit against the Dollar, falling to a 2 day low, as investors turned their attention to a report from the Bank of Japan monetary policy meeting that is expected to be released. The interest rate was released and remained unchanged at 0.10%. The main momentum of the USD/JPY is still strongly bearish, but in the last few days, the pair has been fluctuating around the 84.0 level. The next support on the daily chart is located at 83.50, and the RSI supports a bearish trend, as well. Overall, USD/JPY traded with a low of 84.04 and with a high of 84.49.Today, the BOJ Press Conference will be happening.

USD/JPY-Last: 84.20

Resistance

84.66

85.22

85.90

Support

84.00

83.65

Canadian dollar (CAD) – The Canadian Dollar rallied against the US Dollar, advancing to a 3 week high amid low trade volume, as markets in the U.S. and Canada were closed for the Labor Day holiday. As long as the USD/CAD is below the 1.0450 levels, a short position is preferred and the momentum is bearish. The next support on the daily chart is located at 1.0270, and if the price crosses this level, the trend will continue to be bearish. Overall, USD/CAD traded with a low of 1.0340 and with a high of 1.0403. No economic data expected today.

USD/CAD - Last: 1.0357

Resistance

1.0400

1.0570

1.0675

Support

1.0340