Forex News: After coming very close to the resistance at 1.1840, the pair dropped more than 100 pips due to dovish comments made by ECB President Mario Draghi. The ECB maintained the interest rate unchanged, as expected.
Daily FX Analysis
Forex News: The bulls dominated yesterday’s session although the U.S. Durable Goods Orders showed a value above expectations. The pair climbed above immediate resistance and above the 50 period EMA.
Forex News: Eurozone’s Manufacturing PMI showed a value above expectation but the Services PMI disappointed so economic data was mixed yesterday and didn’t have a strong impact on the currency. Overall the pair remained in a range, with a slight bullish bias.
Forex News: The two currencies weren’t affected by economic releases yesterday but the pair descended below 1.1775 and touched the next support at 1.1735. The session was bearish but volatility was relatively dim.
Forex News: Friday’s price action was bearish due to increased demand for the US Dollar. The pair broke the 50 period Exponential Moving Average but stopped at 1.1775 support.
Forex News: Despite better than anticipated US data, the US Dollar remained in the negative territory and the pair climbed after a spike below the 50 period EMA and below 1.1775 support.
Forex News: After dipping into the area around 1.1735, the pair recovered and moved higher, breaking 1.1775 and reaching the 50 period EMA. The U.S. Building Permits came out lower than expected, facilitating the climb.
Forex News: The Euro weakened yesterday after a disappointing German ZEW survey and this allowed the pair to break support and to move south for almost the entire trading session.
Fores News: The pair spiked higher Friday when the U.S. Consumer Price Index showed a value below expectations. However, most of the US Dollar losses were soon erased and the pair finished the week below resistance.