Today’s Hot Asset: EUR/USD
The EUR/USD continues its bearish sentiment. After viewing the release of Australian data the pair dropped this morning to 1.2440. The price for the pair bounced off its lowest level since 2012 and is now slightly correcting upwards.
The German Manufacturing PMI is set for release today at 8.55AM (GMT). If trading goes bellow 50, the pair may drop back to 1.2440. The U.S. ISM Manufacturing PMI will be released at 3PM. Keep an eye on the release later today. After last week’s GDP data showed strong results, we can expect bullish speculation, before actual readings. Support can be found at 1.2440 and resistance at 1.2540. Movement – sideways.
On last week’s close the GBP/USD was trading sideways in a narrow passage between 1.5940 and 1.6010. Volatility remained at a low, due to no economic releases on Friday. The flow is liable to change today as two main pieces of economic data are set to come out. The U.K. Manufacturing PMI will be announced today at 9.30AM (GMT). A decreasing trend is expected. The figure dropped from 57.5 to 51.6 last month and the British pound will be under more pressure if the result is worse than expected. More pressure will cause the pair to remain below 1.6000 or decrease further.
Trend is sideways. Support is found at 1.5920 and resistance at 1.6050.
After the U.S. Dollar extended its recent profits on Friday, Gold declined, pushing safe-have metal price to its lowest value point since July 2010. Oil reached a surprising low and put commodity prices under pressure. Investors will be hesitant to trade in a risky market such as this, at least for the time being.
Traders should watch the U.S. ISM Manufacturing PMI data carefully today. The data set for release at 3PM (GMT) – Trend is sideways, support is found at 1,160 and resistance at 1,178.
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