EURUSD dropped yesterday and closed at 1.3075. The single European currency dropped after the President of the ECB Mario Draghi stated during his speech that ECB is ready to cut interest rates if necessary. The Services PMI data across the EU came out better than expected in April. The Retail Sales dropped in March in line with the market expectations. Support for the EURUSD is seen at 1.3055 and resistance is seen at 1.3159. The HotForex Traders Board shows that 53 percent of the traders are short on the EURUSD.
GBPUSD
The Cable dropped yesterday and closed at 1.5539. The BRC Shop Price Index released today from the United Kingdom rose 0.4 percent in April. Due to the lack of economic releases today we expect the pair to remain in a tight range. Support for the GBPUSD is seen at 1.5527 and resistance is seen at 1.5592. The HotForex Traders Board shows that 54 percent of the traders are short on the GBPUSD.
EURUSD dropped after the speech of the ECB President Mario Draghi
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