4Jan
forex-market-hours

IForex Market Trading Signals and News – 04 January 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex -Dollar little changed vs. euro, yen ahead of U.S. data
  • Forex -Dollar edges up in holiday-thinned trade
  • Forex -Dollar gains over 9 pct against basket of major rivals in 2015

EUR/USD
The euro fell to a one-week low against the U.S. dollar on Thursday, as investors awaited the release of U.S. data later in the day and as trading volumes became increasingly thin ahead of the New Year holiday on Friday.Heading into the final trading session of the year, volumes were expected to remain light as many traders already closed books, reducing liquidity in the market which could result in exaggerated moves. EUR/USD hit 1.0888 during European afternoon trade, the pair’s lowest since December 23; the pair subsequently consolidated at 1.0890, sliding 0.39%. The pair was likely to find support at 1.0845, the low from December 21 and resistance at 1.0991, the high of December 29.

GBP/USD
The pound held steady against the U.S. dollar on Thursday, hovering close to an eight-month trough as trading volumes became increasingly thin ahead of the New Year holiday.Heading into the final trading session of the year, volumes are expected to remain light as many traders already closed books, reducing liquidity in the market which could result in exaggerated moves.U.K. markets were set to close early at 12:30 PM London time for New Year’s Eve. GBP/USD hit 1.4845 during European morning trade, the session high; the pair subsequently consolidated at 1.4825. Cable was likely to find support at 1.4786, the low of December 29 and resistance at 1.4914, the high of December 29.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4750 TARGET 1.4790 1.4850 SL 1.4690
  • SELL GBP/USD BELOW 1.4660 TARGET 1.4620 1.4560 SL 1.4720

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