On the Forex Market, the Dollar
reversed sharply, coming off support. As stated in previous reports, a
reversal was bound to happen, even if it ends up only being a short
one. One must note that 80 points on the index could act as resistance,
especially as the level is also classed as a psychological level.
On individual pairs the Dollar presented
a sharp turnaround during yesterday’s session, increasing against
counterparts. While certain pairs showed more of a move, the Dollar was
definitely a preferred currency during yesterday’s session. The EUR/USD
dropped due to the overall market strength and due to economic data.
GDP results showed that the Euro-zone had further contracted during the
first quarter, dropping by a whopping 2.5%. Yearly figures had more of
an impact on the market diverging from expectations, coming out at 4.6%.
U.K's
data surprised traders yesterday as their PMI reading jumped to 51.7,
the first increase in over a year. While it is far too early to
determine a change in the U.K’s economic status, the good news helped
prevent a major collapse on the GBP/USD. To date the Pound is trading
above its tertiary trend line, one that could act as support on the way
down.
Check out our ‘charts analysis’ page, for additional technical charts (only on dodjit.com).
Read the full article at dodjit.com
reversed sharply, coming off support. As stated in previous reports, a
reversal was bound to happen, even if it ends up only being a short
one. One must note that 80 points on the index could act as resistance,
especially as the level is also classed as a psychological level.
On individual pairs the Dollar presented
a sharp turnaround during yesterday’s session, increasing against
counterparts. While certain pairs showed more of a move, the Dollar was
definitely a preferred currency during yesterday’s session. The EUR/USD
dropped due to the overall market strength and due to economic data.
GDP results showed that the Euro-zone had further contracted during the
first quarter, dropping by a whopping 2.5%. Yearly figures had more of
an impact on the market diverging from expectations, coming out at 4.6%.
U.K's
data surprised traders yesterday as their PMI reading jumped to 51.7,
the first increase in over a year. While it is far too early to
determine a change in the U.K’s economic status, the good news helped
prevent a major collapse on the GBP/USD. To date the Pound is trading
above its tertiary trend line, one that could act as support on the way
down.
Check out our ‘charts analysis’ page, for additional technical charts (only on dodjit.com).
Read the full article at dodjit.com
