EURUSD TRADING NEAR THE 1.30 MARK. BUSY ECONOMIC CALENDAR IN THE WEEK AHEAD.

EURUSD dropped on Friday and closed at 1.3020. Data released on Friday showed that the consumer price inflation in the Eurzone dropped to an annualized rate of 1.8 percent in February. The unemployment rate in the EU rose to a reading of the record 11.9 percent in January. The Retails Sales month over month in Germany rose 3.1 percent in January. The Manufacturing Purchasing Managers Index rose to a reading of 50.3 in February. Looking ahead in the week we have series of high impact events due on the Economic Calendar including the Minimum Bid Rate from the Eurozone, the employment data from the United States and the US Banks stress tests. Support for the EURUSD is seen at 1.2989 and resistance is seen at 1.3106. The HotForex Traders Board shows that 59 percent of the traders are long on the EURUSD.

GBPUSD

The Cable dropped on Friday and closed at 1.5038. The Manufacturing Purchasing Managers Index in the United Kingdom fell to a reading of 47.9 in February. The M4 Money Supply month over month rose 0.9 percent in January. In a release today the Construction Purchasing Managers Index in the UK dropped to a reading of 46.8 in February. Looking ahead in the week we have the speech of the Governor of Bank of England Sir Mervyn King due on Wednesday and the Official Bank Rate and the MPC Rate Statement due on Thursday from the United Kingdom. Support for the GBPUSD is seen at 1.5015 and resistance is seen at 1.5144. The HotForex Traders Board shows that 75 percent of the traders are long on the GBPUSD.

*source : HotForex