EUR/USD
The currency pair is still in a consolidation phase, just above the support level at 1.1409. At the time of writing, neither the bulls nor the bears have managed to gain enough momentum to dominate the market. A possible attack on and a breach of the resistance at 1.1481 could paint a more bullish picture. On the other hand, a reduction in the price and a breach of the mentioned support could give the bears the necessary incentive needed to potentially lead the trade towards the next significant support level at 1.1321. During today’s trading session, the most important economic news that would be of interest to the market participants will be the consumer price index data and the initial jobless claims data reports for the U.S. at 13:30 GMT.
USD/JPY
The dollar continues to gain ground against the Japanese yen during the last few days, and at the time of writing the analysis, the bulls are facing a test of the resistance zone at 115.66, which outlines the local highs for the currency pair. An unsuccessful test here could change the sentiment, and in the event of bear predominance, we could see a drop back towards the support area at 114.90.
GBP/USD
Despite the sell-off being capped at the support level at 1.3509, the bulls are still unable to gain enough momentum in order to breach the resistance area at 1.3607. We are seeing a consolidation just above the mentioned support zone, and in case of a possible bear predominance scenario and a successful breach, we could witness a deepening of the sell-off towards the next support level at 1.3370. Today, the data on the gross domestic product for the UK from 09:30 GMT could have an impact on the market, with increased volatility expected for the currency pair.
EUGERMANY40
After the German index managed to overcome the resistance at 15470, the bulls lost their previously gained momentum, and at the time of writing the analysis, we see an attempt to breach that level, but in a downward direction. If the buyers manage to recover and bring the trade towards the level of the next significant resistance at 15700, then we may expect the mentioned resistance to be successfully overcome, thereby interrupting the range move, which was formed between 15000 and 15700. On the other hand, if the bears prevail, then we can expect an attack on the lower boundary of the mentioned range.
US30
The U.S. blue-chip stock index continues to gain positions, and at the time of writing the analysis, we are seeing a slight buyer pullback. In the event of a bear predominance, we may witness another serious decline towards the support area at 34800. On the other hand, market participants could find better entry levels around the support level at 35700 which, according to the higher time frames, could lead the index up towards the next important resistance at 36500. The economic news, mentioned in the EUR/USD analysis, could have an impact on market participants’ sentiment, with volatility expected to increase around the announcement of the data.
