EURUSD continues to move south – testing the 1.2850 level again. Preliminary University of Michigan Consumer Sentiment due from the United States today.

EURUSD dropped yesterday and closed at 1.2881. Expectations for another cut of interest rates by the European Central Bank increased after the unemployment in France continued to drop in the first quarter of 2013. On the other side of the ocean the initial Jobless Claims in the United States rose to 360K in the last week. The Housing Starts month over month in the US dropped to a reading of 0.85M in March. The head of the United States Federal Reserve in San Francisco John Williams stated that the FED would probably end its bond buying program at some point during this year. Support for the EURUSD is seen at 1.2853 and resistance is seen at 1.2944. The HotForex Traders Board shows that 66 percent of the traders are long on the EURUSD.

GBPUSD

The Cable rose yesterday and closed at 1.5266. With the lack of economic releases from the United Kingdom today trading trends on the pair are expected to be determined by the releases from the United States. Investors are now awating the Preliminary University of Michigan Consumer Sentiment data due later today as well as the speech of the Chairman of the United States Federal Reserve Ben Bernanke. Support for the GBPUSD is seen at 1.5203 and resistance is seen at 1.5326. The HotForex Traders Board shows that 71 percent of the traders are long on the GBPUSD.

EURUSD continues to move south – testing the 1.2850 level again. Preliminary University of Michigan Consumer Sentiment due from the United States today.