EURUSD dropped yesterday and closed at 1.3011. Speculations flooded the traders community yesterday that the European Central Bank may lower the interest rates next week. The Unemployment Rate in Spain rose to the record 27.2 percent in the first quarter of 2013. On the other side of the ocean the Unemployment Claims in the United States dropped to 339K during the last week. Trading trends on the pair today are expected to be determined by the Advance GDP data due from the United States. Support for the EURUSD is seen at 1.2979 and resistance is seen at 1.3069. The HotForex Traders Board shows that 55 percent of the traders are short on the EURUSD.
GBPUSD
The Cable rose yesterday and closed at 1.5432. The economy in the United Kingdom escaped from a triple dip recession after recording an unexpected economic growth in the first quarter of 2013. The Preliminary Gross Domestic Product release showed an economic growth of 0.3 percent. The Index of Services in the United Kingdom rose 0.8 percent in February. Due to the lack of releases from the UK the trading trends on the pair today are expected to be determined by the releases from the United States. Support for the GBPUSD is seen at 1.5362 and resistance is seen at 1.5478. The HotForex Traders Board shows that 55 percent of the traders are short on the GBPUSD.
EURUSD trading back near the 1.30 level. Advance GDP data from the United States on tap.
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