.
NEW YORK
19:01
LONDON
00:01
PARIS
01:01
FRANKFURT
01:01
HONG KONG
06:01
TOKYO
08:01
SYDNEY
09:01
  • Trade Now

UFXBank Forex Outlook: EUR/USD on 8-Month High

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

USD Dollar (USD) – The dollar fell across the board on speculation that the FED will keep purchases of government debt. The ISM Non-Manufacturing Index came out at 53.2, better than the expected 51.8. The Stock Markets in the U.S. soared with the Dow Jones adding 1.8% and NASDAQ rising by 2.36%. Crude Oil jumped by more than 1.5%, closing at $82.70 a barrel. Gold (XAU) reached another record high as it jumped by 1.8% and closed at $1340 an ounce. Today, the ADP Nonfarm Employment Change is expected at 18k vs. -10k previously.

EURO (EUR) – The euro reached fresh 8 month high levels versus the dollar after it breached the 1.38 resistance area, despite worse than expected Retail Sales data which came out at -0.4%, worse than the expected 0.2%. Trading above the 1.3770 support level might extend the bullish momentum in the pair. Overall, EUR/USD traded with low of 1.3636 and with a high of 1.3858. Today, The GDP is expected unchanged at 1%. The German Factory Orders are expected at 0.9% vs. -2.2% previously.

EUR/USD – Last: 1.3840

Resistance

1.3805

1.3860

Support

1.3620

1.3560


British Pound (GBP) – The Pound gained versus the dollar in Forex trading as the Services PMI data came out at 52.8, better than an expected 51.2. The Sterling continues to trade in a range despite dollar weakness across the board. Trading above the 1.5880 support level might extend the bullish momentum in the pair. Overall, GBP/USD traded with a low of 1.5750 and high of 1.5928. No economic data is expected today.

GBP/USD - Last: 1.5909

Resistance

1.5880

1.5920


Support

1.5750

1.5680


Japanese Yen (JPY) – The Yen gained versus the dollar and for a short period, the pair broke below the 83 level on speculation that BOJ will avoid intervening in the market, as they did 3 weeks ago. The interest rate decision came out at 0%, slightly lower than the expected 0.1%. The USD/JPY has broken the support level that it had at 84.20 levels and therefore, the momentum is negative again for the dollar. Overall, USD/JPY traded with a low of 82.94 and with a high of 83.97. No economic data is expected today.

USD/JPY-Last: 83.15

Resistance

83.80

84.05

84.45

Support

83.05


Canadian dollar (CAD) – Canada’s dollar gained against the U.S. dollar following the trend of the dollar's weakness in the market, supported by a rise in Stocks and Crude Oil prices. The pair is back to trade below the 1.02 zone reaching 2 month lows for the pair. Trading below the resistance level of 1.0220 might push the pair lower. Overall, USD/CAD traded with a low of 1.0166 and with a high of 1.0271. Today, the Ivey PMI is expected at 63.2 vs. 65.9, previously.

USD/CAD - Last: 1.0149

Resistance

1.0180

1.0220

1.0280

Support

1.0150


 

Add comment



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.

Broker of the Month

5_small_logoUFXBank provide up-to-date charts and news feeds, coupled with an easily navigated trading platform. UFXBank 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, UFXBank have become the web’s premier online forex trader.