EURUSD rose yesterday and closed at 1.3201. The number of unemployed people in Germany dropped with 7000 in June. The unemployment rate in Italy also fell in June. The single European currency received large support and pushed higher after the United States Federal Reserve did not provide any clues on when the US central bank is planning to cut the rate of its asset purchases. Today we have series of high impact economic releases in the economic calendar which are expected to bring high amount of volatility on the market. Investors are awaiting the rate decision of the European Central Bank as well as the ECB Press Conference. At the start of the ECB Press Conference the Unemployment Claims data will be released from the United States. Support for the EURUSD is seen at 1.3218 and resistance is seen at 1.3349. The HotForex Traders Board shows that 53 percent of the traders are short on the EURUSD.
GBPUSD
The Cable dropped yesterday and closed at 1.5204. The Manufacturing Purchasing Managers Index released from the United Kingdom earlier today came out better than the market expectation at a reading of 54.6 in July. Investors are now awaiting the Official Bank Rate, the Asset Purchase Facility and the MPC Rate Statement due from the United Kingdom today. We are expecting high volatility during the time of the releases. Support for the GBPUS is seen at 1.5129 and resistance is seen at 1.5257. The HotForex Traders Board shows that 63 percent of the traders are long on the GBPUSD.
EURUSD trading near the 1.32 mark ahead of the ECB rate decision and the US Unemployment Claims release.
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