Tuesday, December 13th, 2011 at
7:43 am
- 13 December 2011 9:00 AM GMT
By: Colin Jessup
The EUR/USD continued its bearish move today and landed square on a weekly support zone at 1.3160 that gave the currency a bullish push the last time it was at this level in October of this year. On October 3 & 4 of 2011 we saw prices fall to 1.3166 and then react immediately by closing the following day at 1.3354, almost 200 pips higher than the day before. Price continued to move up until it reached the October high of 1.4247 and then fell rapidly again. Now we find ourselves at this same level, and I am hoping to see a similar reaction…but not betting on it at this stage. If price holds above 1.3160 and turns bullish, look for daily resistance at 1.3400. If it falls and closes below 1.3160 look for minor support at 1.3070 and then daily support at 1.2950. I am cautiously bearish on this pair for now.
Monday, November 1st, 2010 at
7:14 pm
EUR/USD dropped today as reports showed that construction spending and manufacturing in the US unexpectedly increased. Reports about personal income and spending were worse than expected, on the other hand. There are no releases tomorrow, yet the senate elections, which will occur tomorrow, may have far reaching consequences for the US. The EUR/USD currency pair trades now at 1.3880.
Reports about personal income and spending posted lower-than-forecast values. Personal income decreased 0.1% in September, while a 0.3% growth was expected. Income rose 0.4% (revised from 0.5%) in August. Personal spending increased 0.2% in September, compared to a forecast value of 0.4% and a previous reading of 0.5% (revised from 0.4%).
ISM PMI was at 56.9 in October, an increase from September reading of 54.4. Experts forecast a decline to 54.2.
Total construction spending in the US increased 0.5% in September from August, while a decrease by the same value was predicted. A previous reading was 0.2%
