EUR/USD
Just as expected, the disappointing data on consumer confidence for the United States sank the euro towards 1.0500. In the early hours of today, the bulls are trying to hold onto the zone, and the trading range of the pair remains locked between 1.0467 and 1.0601. The zone at 1.0467 was tested several times and immediately provided reliable support. If there is a new attack of the bulls on the resistance at 1.0601, it is likely that it will be breached and the pair will continue the rally towards 1.0740. At the moment, bad macroeconomic data supports a strong dollar and this hinders the appearance of sustainable rallies. The mood is therefore rather mixed and the market is waiting for a catalyst to start a trend movement. Today is expected to be a busy day in terms of calendar events, the most significant being a series of business and consumer confidence data for the euro area at 09:00 GMT, the GDP data for the U.S. at 12:30 GMT, and speeches by Christine Lagarde and Jerome Powell at 13:00 GMT.
USD/JPY
The pair marked another day of gains, but the bulls still failed to reach the resistance at around 136.50. If their pressure continues today as well, it is likely that the zone will be breached and the pair will mark new peaks. The uptrend remains strong, and at the moment, the price action does not show signals for a reversal of the trend. The first daily support is the zone at 135.43, and the most significant one is found at 134.33. As long as the extremely different monetary policies of the central banks of the United States and Japan are being maintained, this may allow the pair to reach levels as high as 141.00 in the long run.
GBP/USD
The sterling continues to trade in the range between the support at 1.2170 and the resistance at 1.2320 for a second week in a row. The duration of the range implies the accumulation of a large volume of positions, and therefore the creation of a strong movement upon its exit. The support at 1.2170 has proven to be reliable in the past, but the optimal scenario for the pair could be a false breach of 1.2170 in order to activate liquidity and a strong follow-up attack on 1.2320. At the moment, the market remains indecisive, and a rise in activity can be expected below 1.2170 or with a confirmed breach of 1.2320.
EUGERMANY40
The German index failed to hold onto its gains during the day, and after the bad data from the United States, it was completely hammered. The bulls failed to reach the top at 13434 for a second day in a row. In the early hours of today, the support at 13126 was briefly violated, but the lack of new lows could renew bullish optimism. It is possible that the market will try to pressure the bears into liquidating their positions with a rally towards 13434 and even 13650. The first support is 13126, followed by the more significant levels of 12950 and 12830.
US30
After a false breach of the 31700 resistance, the U.S. blue chips were aggressively sold out due to disappointing data on consumer confidence. The decline is currently limited by the 30930 support, but if the negative mood carries over today as well, then a new plunge can be expected towards the area at around 30500 and even 30140. The bulls still have a fighting chance due to the positive expectations linked to the books rebalancing of large funds at the end of the quarter. Fresh cash flows could raise prices, with the first resistances being 31345 and 31700. Today, markets will also expect the statement of the Fed chairman Jerome Powell at 13:00 GMT.
