How do we expect the Forex market to close today?

Today, the Forex market is likely to close with mixed results, as major currencies remain under pressure following disappointing economic data from Europe. EUR/USD continues to be pressured by weak PMI data from Europe and expectations of ongoing euro weakness. If the price stays below 1.0405, it may move towards levels around 1.0331.

GBP/USD also shows weakness, hovering near 1.2500. Expectations for the day’s close are for movement either around the current levels or slightly below, unless significant market changes occur. USD/JPY remains within a range between support at 153.944 and resistance at 155.21, with a breakout in either direction determining the trend for the upcoming week.

AUD/USD is trading within a narrow range between 0.6498 and 0.6508. If the trend continues, the price may move towards highs around 0.6544, but weakness in major economies could keep it at current levels or push it lower. Overall market sentiment reflects weaker results from Europe, adding pressure on the region’s currencies.

In conclusion, the market today is likely to close with continued weakness for the euro and the pound, while the dollar maintains its strength. Traders will likely wait for new signals regarding the direction of economic recovery in Europe, which will determine short-term movements in major currencies.