EURUSD dropped yesterday and closed at 1.3065. The Existing Home Sales in the United States dropped to 4.92M in March. The Consumer Confidence in the Eurozone rose to a reading of -22 in April. Data released today from Germany showed that the German Flash Manufacturing Purchasing Managers Index dropped to a reading of 47.9. The German Flash Services Purchasing Managers Index dropped to a reading of 49.2. Investors are now focused on the New Home Sales release due from the United States later today. Support for the EURUSD is seen at 1.2976 and resistance is seen at 1.3076. The HotForex Traders Board shows that the long the short positions of the traders are even.
GBPUSD
The Cable rose yesterday and closed at 1.5288. The US dollar came under pressure after the Existing Home Sales release showed that the housing sector in the United States problems on its way to recovery. The Public Sector Net Borrowing released today came out worse than the market expectation at 16.7B pushing the pair lower. Support for the GBPUSD is seen at 1.5194 and resistance is seen at 1.5296. The HotForex Traders Board shows that 62 percent of the traders are long on the GBPUSD.
EURUSD trading lower on weak German manufacturing data. US New Home Sales on tap.
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