FOREX NEWS: WEIDMANNíS SPEECH Ė THE SINGLE HIGHLIGHT OF THE DAYEUR/USD
Forex News: Friday price moved in a small range and neither bulls nor bears managed to make a clear statement of power. US economic data was mixed but it didnít have a major impact on the pair.Technical Outlook
Lately the pair is moving above and below 1.3700 but if the bulls will manage to reverse the short term downtrend seen last week, the minor resistance that was created at 1.3730 will be the first barrier they need to break. To the south, first support sits at 1.3640 but the chances for it to be broken today are slim, considering the fact that usually Mondays are slow days, especially if no major economic data is released.Fundamental Outlook
The only event which can trigger strong movement today is the speech of German Bundesbank President Weidmann which is scheduled at 7:00 am GMT. He will speak at a Symposium organized in Frankfurt and if he reveals hints about the ECBís next move, the market will react strongly as he is believed to be one of the most influential members of the ECB Governing Council.GBP/USD
The last day of the previous week was almost entirely controlled by the bulls and price traveled to touch the resistance at 1.6820. A disappointing figure for the US Consumer Sentiment played an important role in Fridayís climb.Technical Outlook
The pair finished the week right on 1.6820 level but for the moment we cannot know for sure if this was due to price resistance or simply because the trading week ended and the market closed. This question will probably be answered today and we will see if 1.6820 has turned into resistance or if price will continue towards 1.6880. To the downside, 1.6750 remains strong support for the time being.Fundamental Outlook
We expect slow price action today since there are no important American or British economic releases, but maybe Weidmannís speech will have a ripple effect which will influence this pair as well.