Today Forex Update :-
Sterling climbs further, approaching 1.6600
The Pound continues rallying on the back of BoE minutes and, after having confirmed above 1.6500, the Pound has reached 1.6590, right below 1.6600. The Pound has broken 1.6435 Fibonacci resistance and, according to Karen Jones, technical analyst at Commerzbank, targets 1.6745/70.
EUR/USD: Euro recovery, capped at 1.4965 level
Euro recovery from 1.4880 support area has been capped at 1.4965 resistance (Oct 15 and 16 high), ad the Euro has eased to levels around 1.4935 at the moment of writing.
On a wider perspective, decline from 1.4995 high yesterday is corrective in nature, according to Stoyan Mihaylov, technical analyst at Deltastock.com: "Although there was a downward attempt, bottoming at 1.4883, the pattern below 1.4993 seems rather corrective in nature and our target at 1.5104 remains unchanged. Crucial on the downside is 1.4828 support."
Initial resistance at the moment, lies at 1.4970 (Oct 15 and 16 high), and above here, 1.4995/00 (Oct 20 high) and 1.5020. On the downside, support levels lie at 1.4880 (Oct 20 low), and below here, 1.4860 and 1.4825 (Oct 18 low).
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