Which falls Euro or Pound?

As two very important events are scheduled for today one may wonder which currency will fall and which one will rise. United Kingdom has to release Forex news first. Bank of England will deliver their decision about interest rates and Bank chief should also deliver some speech about central bank’s financial policy. I am bullish towards Pound and bearish towards Euro at the moment. However, I will concentrate more on gbp/chf and gbp/nzd pairs. These look most attractive at the moment. Pound Franc pair has to clear 1.4500 level to confirm bullish bias. I buy above that price area. 

Euro, on the other had looks kind of bearish. I am looking at eur/nzd now and the technical structure of it is very bearish. So, it looks weak against commodities and today’s event might change the course for Euro against commodities, but nobody knows what will happen to eur/usd, eur/jpy and eur/gbp pairs. Euro US dollar pair seems to be sitting on support as well as gbp/usd pair. So, it alludes to the idea that the greenback might fall. I also do not rule the chance of Euro forming double bottom patterns in commodity currencies on hourly charts. Whatever happens, be sure to be on the same side as the market. 

See you tomorrow with more updates.

News from Canada can cause loonie to collapse

Hi, folks. We are having quite a lot of important releases this week. Today is very significant, because Bank of Canada will announce its' interest rate decision. As you may see most of Canadian dollar pairs have been in pretty ugly ranges. Some tried to make new highs: such as usd/cad and gbp/cad, but failed. I guess today will be the day  when the loonie will collapse. Of course, this is just my speculation, but do not forget that interest rate decisions are the most important fundamental events in Forex market. So, be sure to watch what happens at 14.00 GMT today.

I am also expecting Euro to go down against US dollar and finally breach 1.2800 level and then go to last year low of around 1.2000. It may take some time. Friday may be key for Euro as we have Euro zone consumer price index coming out. That should send eur/usd and eur/gbp to their lows. I am already short eur/gbp and if Friday sees a breakout lower I will add to my position in the pair and likewise in Euro dollar short. Ok, enough for today. Hope to update my blog soon.