EURUSD rose on Friday and closed at 1.3361. The Empire State Manufacturing Index in the United States came out at a reading of 10 in February. The Industrial Production in the States fell 0.1 percent in January. The Chairman of the United States Federal Reserve Ben Bernanke indicated that the US economy is far from operating at full strength and reiterated his commitment to record easing. At G20 meeting held in Moscow he indicated that, that despite unemployment at almost 8 percent, the US economy was improving. The US bank are closed today in observance of the President Day and the trading trends on the EURUSD will be determined by the speech of the President of the European Central Bank Mario Draghi due later today. Support for the EURUSD is seen at 1.3304 and resistance is seen at 1.3379. The HotForex Traders Board shows that 52 percent of the traders are long on the EURUSD.
GBPUSD
The Cable rose on Friday and closed at 1.5515. The annual Retail Sales in United Kingdom came out at 0.6 percent in January. The Retail Sales month over month dropped 0.6 percent in January. In a report released today the Rightmove reported that its House Price Index rose 2.8 percent month over month in February. Support for the GBPUSD is seen at 1.5439 and resistance is seen at 1.5549. The HotForex Traders Board shows that 82 percent of the traders are long on the GBPUSD.
European Central Bank President Mario Draghi speaks today. EURUSD trading near the 1.3350 level.
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