Today’s Hot Asset for you to Trade On: EUR/USD.
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The European Central bank president address on Friday had a drastic effect on the EUR/USD, as it dropped sharply on Friday. In his address the bank chief stressed the urgency of fighting low inflation as soon as possible. There is a very good chance of the Central bank will push monetary stimulus higher. Traders should be weary of the European Union CPI data, at the end of this week.
The pair is trading under 1.2400 and may drop further if the CPI data is low. Analysts now say that a reach towards 1.2300 is very possible. The movement is sideways. Support is found at 1.2360 and resistance is at 1.2440.
Last Friday’s Asian session, saw the pair decrease slightly from 1.5710 to 1.5625. It had stayed that way for the entire session. Low volatility is expected to continue along the day as no economic data is set for release. Tomorrow’s UK Inflation Report Hearings and U.S. GDP and Consumer Confidence releases may bring some speculative movement in today’s sessions.
The trend is sideways. Support is found at 1.5590 and resistance at 1.5735.
Gold made a comeback on Friday and was traded above $1,200/ounce. The surprising cut in Chinese interest rates made it possible for the metal to climb. Recent data releases in Europe and Japan also increased demand for Gold. Hedge funds across the globe have been buying the safe-haven asset. However, as we well know, sharp movement upwards could be followed by a quick drop. Keep an eye on the US stock markets, which are reaching record levels and cutting demand for gold.
The movement is sideways. Support is found at 1,186 and resistance at 1,207.
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