14May
Forex

Epic Research : Forex Market Insight

INTERNATIONAL CURRENCY BUZZ

Forex -Dollar On Track to Snap 4 Week Winning Streak as EUR/USD Gains
Forex -EUR/USD consolidates recovery from 4 month lows
Forex -GBP/USD trims daily gains, holds in weekly range

EUR/USD

The EUR/USD pair is rising on Friday for the second day in a row but it was unable to extend gains during the American session as the US Dollar recovered strength on the back of rising US yields. The euro peaked on Friday at 1.1969, the highest since Monday. The area around 1.1970 capped the upside. EUR/USD is about to end the week, steady  moving  in  a  range  between  1.1930  and  1.1960, marginally  below  the  level it closed last week. EUR/USD recovered  ground  after  falling  on  Wednesday  to  1.1821, the  lowest  since  December.The weekly close far from the lows could signal some consolidation ahead. Some bearish pressure is still seen. The weekly chart is about to form  a doji,  after rebounding at the 20 week  moving  average.Next week,key data from the Euro zone is due, including GDP, NEW survey and CPI. In the US, retail sales on Tuesday area likely to gain attraction.

GBP/USD

The GBP/USD failed  again  to  break  above  1.3600  and  retreated  back  below  1.3550 amid a recovery of the US dollar across the board. Recently dropped to 1.3531 and it was  hovering around 1.3540. The greenback trimmed losses the board during the American  session  and  extended  gains  against  most  of  emerging  market  currencies. US Dollar Index Futures rose from 92.19 to 92.42 supported by a bounce in US yields that turned higher.Regarding data, the US Preliminary Consumer Sentiment Index (University of Michigan) for May came in at 98.8, slightly above  the  98.5  expected  by  market  analysts.  Cable  is  still  modestly  higher  for  the day  but  the  momentum  eased.  It  continues  to  move  sideways  as  it  has  been  the case since last week. GBP/USD continues to move in a consolidation range between 1.3500  and  1.3600.  Today  it  is  headed  toward  the  sixth  daily  close  between  1.3515 and 1.3550.

14

Share this Story

About admin

Leave a Reply

Your email address will not be published. Required fields are marked *

*

© Copyright 2013, All Rights Reserved, Epic Research Pvt. Ltd.