UK CFD Trading news ; EUR declined against the currency basket

EURGBP: Weekly Analysis for UK CFD Trading

UK CFD Trading news ; on Thursday’s  European session Euro declined against the currency basket for the second successive day of losses against USD as it dropped to a three-week low. This decline was before the release of minutes of the last meeting of the European Central Bank, which is expected to provide new indications about the Bond-Buying Program which stimulates the European economy. The US Dollar Index climbed to its highs in three weeks following the release of the minutes of the Fed’s March meeting had intended to tighten the monetary policy.

Euro continues bearish trend

Yesterday Euro fell 0.1% against USD in the first lose within three days due to further slow demand for low-return currencies. Euro fell 1.3% against USD last week, which is the first weekly loss within five weeks and highest loss since November 2016, after data indicated the beyond-expectation slowdown of inflation in Europe in March and the European Central Bank negated the predictions of easing the monetary stimulus program.

Euro/USD is traded at around 1.0650 at 08:25 GMT from opening price 1.0662 after it reached its highs at 1.0683 and its lows at 1.0629 since 15 March.

Euro continues to decline against USD for the second successive day at 1.0629 which is a new low in three weeks. This decline was before the release of minutes of the Central European Bank’s meeting which was held on 8-9 March. The minutes are expected to provide new indications about the future of the Bond-Buying Program which stimulates the European economy. There are strong predictions that ECB will discuss the reduction in Program before the end of this year.

EURGBP technical analysis 6 and 7 April 2017

EUR/GBP for UK CFD Trading brokers

EURGBP pair is trading at 0.8535 near to support level as appears on chart

EURGBP is is trading under line of MA indicator , each of MACD , Ostocastic Escliator appear negative signal for downward trend

So, it’s expected to pair go down reach level 0.8500 on short term.

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Mohammed Abdelkhalik

Mohammed Abdelkhalik

Professional Trader and Analyst at
Professional Trader and Analyst, economist in Financial and Forex market  since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex & Binary Options trading companies in both English and Arabic on a daily basis.
Mohammed Abdelkhalik

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