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UFXBank Forex Outlook: EUR/USD Keeps Pushing Forwardr

Written by UFXBank Research Team
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USD Dollar (USD) – The dollar traded mixed against the majors as no economic data came out and still the prospects for further U.S. monetary easing moved the market. The Stock Markets closed negative with Dow Jones falling -0.21% and the NASDAQ decreasing by -0.13%. Crude Oil soared by 2.2% after the Inventories data closing nearly at 78$ a barrel. Gold (XAU) continued to rise and closed at new record high of 1310$ an ounce. Today, many important macro data will come out starting with the Initial Jobless Claims that expected at 457k vs. 465k previously. The GDP is expected unchanged at 1.6%. The Chicago PMI is expected at 56 vs. 56.7 previously and later, Ben Bernanke, US Federal Reserve Chairman, will be testifying.

EURO (EUR) – The euro touched another fresh high level against the dollar although no economic data came out and seemingly on signs the U.S. economy is slowing. Trading below the resistance level of 1.3640 might push the pair downside for technical adjustments. Overall, EUR/USD traded with a low of 1.3565 and with a high of 1.3646. Today, The German Unemployment Change is expected at -20k vs. -17k previously. The CPI is expected at 1.8% vs. 1.6% previously.

EUR/USD – Last: 1.3595

Resistance

1.3640

Support

1.3565

1.3500

1.3440

British Pound (GBP) – The Pound fluctuated for another day around the 1.5840 level in Forex Trading still unable to close above. The Net Lending to Individuals came out 1.5B better than expected 0.4B. Trading below the resistance level of 1.5880 might push the pair downside for technical adjustments. Overall, GBP/USD traded with a low of 1.5718 and with a high of 1.5895. Today, the Nationwide HPI is expected at -0.2% vs. -0.9% previously.

GBP/USD - Last: 1.5845

Resistance

1.5880

Support

1.5780

1.5730

1.5700

Japanese Yen (JPY) – The Yen gained versus the dollar as Asian stocks fell, boosting demand for safer assets. Seems like the pair attempts to reach previous levels it traded before the Bank of Japan intervened 2 weeks ago. The USD/JPY has broken the support level that it had at 84.20 levels therefore the momentum is negative again for the dollar. Overall, USD/JPY traded with a low of 83.48 and with a high of 84.07. Today, The Tokyo Core CPI is expected at -1% vs. -1.1% previously.

USD/JPY-Last: 83.50

Resistance

84.00

84.65


Support

83.35

82.90

Canadian dollar (CAD) – The U.S. dollar gained against Canada's dollar while the pair attempted again to breach the 1.0340 level and keeps fluctuate around. Breaching the 1.0340 resistance level might push the pair higher. Overall, USD/CAD traded with a low of 1.0238 and with a high of 1.0340. Today, the GDP is expected to shrink by -0.1% vs. improving by 0.2% previously. Later, BOC Gov will speak.

USD/CAD - Last: 1.0338

Resistance

1.0360

1.0460

Support

1.0220

1.0200