Obama’s Statement Cause the EUR/USD to Turn Bullish

After Obama’s statement, the EUR/USD climbed today and yesterday’s decision to keep the interests rates unchanged also contributed to the strengthening of the Euro.

When the information was published, the pair dropped but later climbed higher after retracting its losses.

The Decline of the dollar was caused by President Obama who ordered military strike in Iraq and this could also exacerbate tension in the region.

Today in the afternoon, traders will be awaiting for the release data of the initial jobless claims for the US followed by the Philadelphia Fed manufacturing index. The support level of the pair is lying at 1.3512 whilst the resistance is at 1.3621

Whilst the EUR/USD has been rising, the USD/JPY has fallen due to U.S intervention in Iraq thereby causing investors to start worrying about the situation transpiring in the Middle East. Many investors think that the situation may worsen thereby fleeing away and searching for other save heaven assets.

The Yen is strengthening against the dollar as investors are looking at the asset since fleeing conflict. The yen strengthened despite the unexpected data release of Japanese all industries activity index data. As the situation worsens, the pair is expected to keep falling. Its support level is at 101.60 and resistance at 102.35.