INTERNATIONAL CURRENCY BUZZ :
- Forex -Sterling remains lower as UK service sector still sluggish
- Forex -Dollar edges higher ahead of U.S. data
- Forex-Yen hits 17-month high vs dollar as risk sentiment sours
The EURUSD pair moves in sideways and tight track settled near 1.1400, where it faces a strong resistance at 1.1420, and the price needs to breach this level to ease the mission of visiting our next main target that located at 1.1494.In general, the bullish trend scenario remains valid and active on the short term basis, organized within the bullish channel that appears in the above chart, supported by the EMA50, pointing that breaching the targeted level will extend the gains to reach 1.1650 as a next main target, while the price needs to settle above 1.1264 for the continuation of the positive expectations.Expected trading range for today is between 1.1300 support and 1.1520 resistance.
The pound remained slightly lower against the dollar on Tuesday after data showing that activity in the U.K. service sector picked up slightly in March, but remained subdued. GBP/USD was last down 0.23% at 1.4227 from around 1.4220 ahead of the report. The Markit services purchasing managers index came in at 53.7 in March, up from February’s near three year low of 52.7 and matching economists’ expectations.On the index, a level above 50.0 indicates expansion in the industry, below 50.0 indicates contraction.Despite the slight advance from February levels, March rounded off the weakest quarter of output growth in the British services sector since the first quarter of 2013.The data also revealed the slowest increase in new business since January 2013.
- BUY GBP/USD ABOVE 1.4235 TARGET 1.4255 1.4285 SL 1.4205
- SELL GBP/USD BELOW 1.4190 TARGET 1.4170 1.4140 SL 1.4220