EUR/USD Latest News
The bears were not satisfied and the selling intensified and this caused a break through 1.1000 and the price went as far as 1.0985 as stops were hit. The market waited for a confirmation of the break but it never came as the pair recovered slowly and steadily through 1.1000 and then bounced all the way upto 1.1050 carrying along the different instruments along with it. The pair sits at 1.1054 as we write this.
Looking ahead to today, there is no major news to be released from the Euro region but later on during the day, close to the US session, the retail sales will be released from the US and we also have the Fed Chair Yellen speaking as well. Both of these have the potential to cause some market volatility and with the pair showing signs of reversal and getting back into its usual range, this is something interesting that we look forward to, to see if the bounce and the reversal will continue for the day. We had already mentioned in our previous forecasts that traders should look at the range bottom as a chance to go long and that unless there is a clean break of 1.1000, we have to believe that the range trading would continue. We hope that the traders paid heed.