Forex News | UFX Daily Forex Currency Trading News 25-May-2016

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Forex News | UFX Daily Forex Currency Trading News 25-May-2016

Forex News –¬†Wall Street finished in the green with the technology sector leading the gains. The Dow Jones rose by 1.22%, the S&P 500 by 1.37%, and the NASDAQ added 2.00% to its value. Facebook shares rose, closing at $117.70.

The U.S. Dollar traded high against most major currencies as the New Home Sales rose more than expected at 619K vs. 521K forecast.Today, the Goods Trade Balance is expected at -60.1B vs. -56.9B forecast.

Gold fell, closing at $1,227 an ounce. Crude Oil rose, closing at $49.12 a barrel.

The euro fell versus the dollar, closing at 1.1139.Technically, according to the 8-hour chart,the pair is trading close to the support line with negative momentum. Should the pair succeed in breaking below the support line, we might see a fall towards 1.1000. However, a failure may change the momentum and lift the pair to around 1.1300. Today, the German Ifo Business Climate is expected at 106.9 vs. 106.6 previously.

The Pound rose versus the dollar, closing at 1.4625. Technically, according to the 8-hour chart, the pair is trading near the higher band of the Bollinger bands with the MACD above 0. Breaching the upper band may lead the pair towards 1.4700, while dropping and crossing below the lower band may cause a fall towards 1.4350.

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