EUR/USD
The common European currency continues to depreciate against the dollar as the currency pair breached the support level of 1.1322 and, at the time of writing, is headed towards a test of the next support at 1.1268. The forecast is for the pair to breach 1.1268 and to continue depreciating towards the next support zone at 1.1168. In the positive direction, the mentioned level of 1.1322 is acting as a first resistance for the EUR/USD. During today’s trading session, the most important economic news that would be of interest to the market participants will be the GDP data and the initial jobless claims data reports for the U.S. at 13:30 GMT, as well as the new home sales data for the U.S. at 15:00 GMT.
USD/JPY
The Ninja continues to consolidate in the narrow range between the support at 114.90 and the resistance at 115.26. At the time of writing, the currency pair is headed towards a test of the lower border of the range. If the test is successful, then the bears would easily push the price towards the next support zone at 114.58. In case the 114.90 manages to withstand the bearish pressure, then the price would probably bounce back and test the upper border of the range.
GBP/USD
After yet another unsuccessful attempt of the bulls to violate the resistance level of 1.3613, the Cable is headed towards a re-test of the support level at 1.3540. In case this support is violated, then the decline would continue towards the psychological level of 1.3500. In the positive direction, only a confirmed breach of the key resistance at 1.3613 would let the bulls take control over the market.
EUGERMANY40
The start of the war in Ukraine sank the financial markets worldwide. The German index is not an exception, as in the early hours of today’s trading session, the EUGERMANY40 lost nearly 3% of its value. The forecast is for the selloff to continue, interrupted by short-term retracements, but in a clear downtrend. In the positive direction, the level of 14410 is now acting as a resistance for the index.
US30
The downtrend for the U.S. blue-chip stock index continues, as in the early hours of today’s trading session, the US30 lost as much as 700 points following a massive sell-off, and at the time of writing, is still struggling to find support. The forecast is for the sell-off to continue, while short-term retracements are also quite possible. In the positive direction, the first resistance level is found at 33418. The major fundamental factor, which is influencing the financial markets, remains the military conflict in Ukraine. During today’s trading session, the most important economic news that would be of interest to the market participants will be the GDP data and the initial jobless claims data reports for the U.S. at 13:30 GMT, as well as the new home sales data for the U.S. at 15:00 GMT.
