FX update

September 22, 2015 by

Euro is generally weak across the board. This could be attributed to a number of factors, firstly European central bank economist made it clear on Friday that ECB might have to continue further quantitative easing if there is a need. Also the strength of the USD is also putting some downside pressure on Euro. Despite every attempt by the FED the lower the strength of the USD, unfortunately, it only gets stronger. Traders seem to be anticipating a rate hike in 2015. This is why traders are holding USD and this is pushing down indices across the globe.

Technically, EURUSD is trading below 1.120 levels. This has opened this pair for more downside target of 1.1000 support levels. This downside target might change if prices rally back above 1.120. GBPUSD is trading within 1.5500 and 1.5470 we need a break either to the upside or downside