INTERNATIONAL CURRENCY BUZZ :
- Forex – Yen soars as Bank of Japan holds off from further easing
- Forex – Sterling trims losses after UK retail data, BoE ahead
- Forex – Dollar index moves lower after Fed statement
EURUSD bounced off the 1.120 support level and looks to be ranging within 1.130 and 1.120 levels. The minor resistance at 1.130 – 1.1285 was tested briefly yesterday with prices being rejected at this level. A break above 1.130 is required for EUR/USD to extend its gains towards 1.1380. To the downside, prices are likely to remain range bound above 1.1217 levels. A break below this support could see EURUSD test the lower end at 1.11430. We could, therefore, expect EURUSD to remain range bound in the near term with further gains or declines coming on a break of the respective resistance or support levels.
The pound trimmed losses against the dollar on Thursday as data showing a surge in U.K. retail sales in May indicated that the economy is holding up despite uncertainty over next week’s European Union membership referendum.GBP/USD was at 1.4162, up from earlier lows of 1.4121The pound found support after the Office for National Statistics said retail sales rose 6.0% in May from the same month a year earlier, the biggest annual rise since September., Economists had expected a 3.9% increase. April’s retail sales growth was revised up to 5.2% from 4.3%, the ONS said.
- BUY GBP/USD ABOVE 1.4192 TGT 1.4212 1.4142 SL 1.4162
- SELL GBP/USD BELOW 1.4120 TGT 1.4100 1.4070 SL 1.4150