FXOpen
The beginning of March has been quite successful for the strengthening of European currencies. A series of negative macroeconomic indicators from the US, published earlier this week, and the start of a trade war between the US and China have contributed to the growth of EUR/USD and GBP/USD.
EUR/USD
As expected, the EUR/USD currency pair managed to strengthen towards the November highs of last year and tested a significant resistance level at 1.0630–1.0600. A corrective pullback to 1.0580–1.0530 may be expected in the upcoming trading sessions. If this range turns into a medium-term support zone, EUR/USD may continue to rise towards 1.0760–1.0700.
A drop below 1.0540 could lead to a retest of 1.0440–1.0400. Increased volatility in EUR/USD is expected in the coming trading sessions. Tomorrow, the ECB meeting is scheduled, where the interest rate decision will be announced, while on Friday, the February US employment report will be released.
Today, the following events may influence EUR/USD pricing:
- 11:45 (GMT+2): Germany Consumer Climate Index (GfK)
- 11:55 (GMT+2): Germany Services PMI
- 16:15 (GMT+2): US ADP Non-Farm Employment Change
- 17:45 (GMT+2): US Services PMI
GBP/USD
Yesterday, GBP/USD buyers managed to push the pair above the key resistance level of 1.2700. Technical analysis suggests a potential continuation of the upward movement towards 1.2960–1.2870, provided the pair trades above 1.2720–1.2700.
A break below the 1.2700 support level could trigger a new downward impulse.
In the upcoming trading sessions, GBP/USD pricing may be affected by the following news:
- 12:30 (GMT+2): UK Services PMI
- 12:30 (GMT+2): UK Composite PMI
- 17:30 (GMT+2): Speech by Bank of England Governor Bailey
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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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