EUR/USD Forecast: More downside below 1.1300 mark, US CPI eyed ahead of ECB on Thursday
Forex Today: Asia cheers Trump’s comments on trade, all eyes on US CPI
Forex today cheered the risk-on market environment fuelled by the Trump’s comments on trade and Fed policy that boosted the odds of a trade deal between the US and China.
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The EUR/USD pair may defend the support of the trendline connecting the Nov. 13 and Nov. 28 lows for the second day on the back of risk-on action in the equities.
US CPI Preview: Inflation to decline, core rate stable
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Top 3 Price Prediction Bitcoin, Ripple, Ethereum: The Crypto universe accepts the rules of the market
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Bitcoin clinches to $3,300 amid traders exodus
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Bitcoin Cash Technical Analysis: BCH/USD within the fast highway to hell as bears tear apart $100
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Ethereum Technical Analysis: ETH/USD moving within a bearish pennant structure
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Slow economic growth still the main drag for the common currency
The EUR/USD pair seesawed between gains and losses throughout the week, finishing it up around the 1.1400 level. For a sixth consecutive week, the pair has been unable to find a certain direction, trapped between a more dovish Fed and slowing growth and political turmoil in the EU.
GBP/USD is taking a break from the big downfall that it suffered after UK PM Theresa May decided to postpone the vote on the Brexit deal. What's next? The higher volatility implies a broader range of movement.
The Technical Confluences Indicator shows that cable is capped by uptrend resistance at around 1.2589 where we see the convergence of the Pivot Point one-month Support 1, the Simple Moving Average 5-4h, the Bollinger Band 1h-Middle, and the BB 15m-Upper.
The next cap is significantly higher, at 1.2660 where we see the confluence of the Fibonacci 61.8% one-day, the Pivot Point one-month Support 1, the SMA 10-4h, and last week's low.
Looking down, the pair has some weak support at around 1.2506 which was yesterday's low.
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