EURUSD dropped on Friday and closed at 1.3050. The member of the board of the European Central Bank Jens Weidmann stated that interest rates in Europe are appropriate for the current economic conditions, but he warned that if economic data worsens, rates should be checked again. The Current Account in the Eurozone widened to 16.3 billion Euro in February. With the light economic calendar today trading trends on the pair are expected to be determined by the Existing Home Sales release from the United States. Support for the EURUSD is seen at 1.3011 and resistance is seen at 1.3112. The HotForex Traders Board shows that 52 percent of the traders are short on the EURUSD.
GBPUSD
The Cable dropped on Friday and closed at 1.5228. The ratings agency Fitch Ratings owered the UK’s long-term foreign and local currency issuer default ratings one step to “AA+” from “AAA”, citing the weak growth performance of the UK economy. Fitch kept its outlook for the UK’s economy to “Stable”. Support for the GBPUSD is seen at 1.5210 and resistance is seen at 1.5314. The HotForex Traders Board shows that 64 percent of the traders are long on the GBPUSD.
EURUSD continues its downside move. US Existing Home Sales on tap.
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