EURUSD dropped yesterday and closed 1.2848. The head of the Eurogroup Jeroen Dijsselbloem, reportedly stated that the rescue program agreed for Cyprus represents a new template for resolving Eurozone banking problems and that other countries may have to restructure their banking sectors. In the United States during his speech the Chairman of the Federal Reserve Ben Bernanke stated that the central bank’s monetary easing measures are supporting the recovery in other global economies as well. He further added that low interest rates in advanced nations benefit the world economy while not creating a disruptive diversion of trade through weaker currencies. Looking ahead in the session we have the CB Consumer Confidence and the New Home Sales releases due from the United States. Support for the EURUSD is seen at 1.2846 and resistance is seen at 1.2953. The HotForex Traders Board shows that 65 percent of the traders are long on the EURUSD.
GBPUSD
The Cable dropped yesterday and closed at 1.5171. Earlier in the session the Sterling recorded gains after Cyprus secured its bailout deal, but the market sentiment faded after the comments of Jeroen Dijsselbloem and the pair lost steam. In a release today the Confederation of British Industry reported that its realized sales remained flat. Support for the GBPUSD is seen at 1.5140 and resistance is seen at 1.5201. The HotForex Traders Board shows that 52 percent of the traders are long on the GBPUSD.
EURUSD trading lower as Cyprus worries continue. US headlines dominate the Economic Calendar today.
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