EUR/USD
Today’s trading session for the single European currency got off to a shaky start as the euro continues to trade near parity with the greenback. The one to one ratio with the dollar, however, proved to be a serious psychological support that stopped the powerful attack of the bears in recent days. Тoday, some of the macroeconomic news that would cause a strong movement for the currency pair, is the data on the import price index (12:30 GMT) and the retail price index (12:30 GMT). If the news is negative for the U.S. market and the bulls manage to turn the market in their favour, then the pair will most likely face resistance at 1.0071.
USD/JPY
The trading session for the Ninja started with a slight correction in favour of the bears, but they are still far away from the nearest key support at 137.84. To find which resistance the bulls could face next, we would have to look at the historic market data from the past century. Today, no news from the country of the rising sun is expected to have a strong effect on the currency pair.
GBP/USD
With the sterling, the trading session started with a move in favour of the bulls, but they still have a long way to go before facing their first key resistance at 1.1871. The next one is found at the level of 1.1912. If the bears manage to increase the selling pressure and continue their attack from the last few days, then they would need to breach the support at 1.1804. No news from the UK is expected to cause strong movements in the currency pair today.
EUGERMANY40
Today’s sentiment is rather mixed when looking at the German index. The trading session started with a test of the key level at 12620. A success for the bulls would take them towards the resistance at 12740 and then towards that of 12850. If the bears manage to prevail, then they will most likely need to breach the support at 12380 as well. The events, which are expected to drive price action throughout the session, are the complicated political situation in Italy and the growing recession and inflation fears.
US30
Yesterday, the U.S. blue-chip index successfully regained some of its lost positions. If the bulls manage to maintain this trend today and deal with the resistance level at 30705 in front of them, then they can try to test the next one at 30870 as well. If the bears manage to keep their weekly attitude and gain momentum, they will most likely have to overcome the support at 30570. The news, mentioned in the EUR/USD analysis, will be the main factors which could lead to increased volatility today.
