EURUSD dropped yesterday and closed at 1.2857. The Current Account in the Eurozone increased to 25.9 billion Euro in March. On the other side of the ocean the Chairman of the United States Federal Reserve in his testimony stated that FED would consider tapering the bond buying programme if the US economy shows signs of recovery. He also stated that cutting the monetary easing too soon may harm the US economy. During the FOMC Meeting Minutes several policy makers pushed to cut the bond buying programme on their next meeting in June. On the economic front the Existing Home Sales in the United States came out at 4.97M, market had expected a rise of 4.99M. Support for the EURUSD is seen at 1.2826 and resistance is seen at 1.2946. The HotForex Traders Board shows that 52 percent of the traders are long on the EURUSD.
GBPUSD
The Cable dropped yesterday and closed at 1.5048. The Retail Sales in the United Kingdom dropped 1.3 percent month over month in April. The Public Sector Net Borrowing increased to 8 billion Sterling in April. The CBI Industrial Order Expectations recorded a drop coming out at -20. Support for the GBPUSD is seen at 1.5020 and resistance is seen at 1.5126. The HotForex Traders Board shows that 67 percent of the traders are long on the GBPUSD.
EURUSD trading higher after the drop yesterday. US Unemployment Claims on tap.
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