Forex daily 03 Juni 2014

Forex News: US Employment data released yesterday showed that job creation increased more than expected according to the privately owned company that put together the report. The US Dollar benefited and managed to gain against the Euro.

Technical Outlook

Currently the pair is testing the confluence zone created by the uptrend line and the support level at 1.3640 and the last push above 1.3675 wasn’t enough to bring in more buyers and to generate a continued bullish move. The main levels to watch remain 1.3730 as resistance and 1.3520 as support but today’s technical aspect will be overshadowed by the fundamentals.

Fundamental Outlook

The ECB Interest Rate will be announced at 11:45 am GMT but no change is expected and the main event of the day will be a double feature: the ECB Press Conference and the US Non Farm Employment Change. Both events take place at the same time, 12:30 pm GMT. Mario Draghi is likely to give traders more hints about future monetary policy during his speech at the Press Conference; as always, his attitude and answers to journalists’ questions will be closely watched by market participants and the Euro will be highly affected.The US Non Farm Payrolls are usually released Friday but this time they are released a day earlier due to Independence Day which is celebrated tomorrow. The market is likely to move very strongly at the time so we recommend caution.

GBP/USD

The United Kingdom continues to post positive economic data and this was confirmed once more yesterday when the Construction PMI showed a better than expected value. As a result the Pound strengthened and posted a new high at 1.7176.

Technical Outlook

Although we had another bullish day, the momentum seems to fade away slowly and the Relative Strength Index starts to descend. Retracements are still anticipated but the fundamental scene is filled with important events which will highly influence price action. First potential support is located at 1.7140 while yesterday’s high is considered resistance.

Fundamental Outlook

At 8:30 am GMT the Services PMI is released but its impact is usually lower than the one of the other two indexes released Tuesday and Wednesday. However, higher values than the anticipated 58.1 can strengthen the Pound and take the pair higher. An extra importance will have the US employment numbers released later in the day.

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