EUR/USD Declines after a 5 Week High

The Euro started moving downwards after a 5 week high and there were previous expectations that the pair will not exceed higher than 1.3700.

According to reports of The European Central Bank that announced the cut down of interest rates this caused contributed to the rise of the euro and the data from U.S. was disappointing than expected and this caused the pair to get back to its level just before the ECB interest rate decision.

Investors are waiting for the release data of the ADP Non-farm Employment Change that may create some speculations for tomorrow before the release of tomorrows Non-farm payrolls report. Currently, the EUR/USD pair has a support level of 1.3650 and its resistance is at 1.3700.

On the other hand, the GBP/USD has continued with its bullish trend reaching up to as 1.7165. This saw the pair increasing by 160 pips. It seems like both the USD and Euro are struggling and investors are look at safer profitable assets such as the British pound. Investors are waiting for the release data of the UK Construction PMI that may further push the pair upwards. The GBP/USD has a support level of 1.7050 and resistance at 1.7200.