Euro/Dollar weerstanden voor 2 maart

[Armijn]

Coming up Today (All Times GMT)
09:30am GBP Construction PMI
1:15pm USD ADP Non Farm Employment Change
3:00pm USD Fed Chairman Bernanke Testifies
There was not much of a move yesterday in the market as the US Dollar was mostly in sideways after a 3 and a half month low against a basket of currencies. Fed Chairman Ben Bernanke told the U.S senate Banking Committee yesterday that while he saw increasing evidence the U.S economic recovery has enough momentum to become self sustaining the labor market growth remained weak unable to bring down unemployment. The dollar was also supported by a better than expected manufacturing report which rose to 61.4 in February the highest level in nearly seven years. The greenback against the Swiss Franc remained between the 0.9318 resistance and the 0.9231 support level, pausing for the last trading sessions while markets are closely monitoring any political development in Libya. The U.S Dollar versus the Japanese Yen found resistance at the 82.20 level and then pulled back to the 81.75 support level. The Australian has reversed in a downtrend and found support at the 1.0082 while the 1.0149 resistance is expected to hold any bounce up.

EURUSD

The Euro against the US Dollar has indicated a possible reversal on its charts on Tuesday after it fell from the 1.3854 to the 1.3750. The forex pair was under pressure as Fed Chairman Ben Bernanke stated that both downside risks to US growth and deflation risks had decreased. Investors are now focused on Thursday’s European Central Bank policy meeting where there are hawkish expectations as the latest figure shows inflation has increased to 2.4%. The rise of the Oil price above the 100 level has put an extra pressure on the common currency as inflation is positively affected and at the same time debt problems of country members like Portugal and Greece are in the background.

Support/Resistance 1.3741/1.3779

GBPUSD

The pound against the US Dollar has reached to a new 2011 high on Tuesday up to the 1.6324 and after the Ben Bernanke’s speech the pair changed direction and fell down to the 1.6214 support level. Investors today are focused on the Construction PMI economic news.

Support/Resistance: 1.6214/1.6253