EUR/USD
Today’s session started rather calmly as the common European currency continued to trade against the dollar in the range between 1.0641 and 1.0712. However, the bulls gained momentum and managed to score an increase of about 30 pips. Their next goal would be to breach the close resistance at 1.0712. However, if the bears manage to dwindle the bulls’s inertia, then the first support they would have to deal with would be the level of 1.0650. The next crucial support for investors is expected to be the level of 1.0600. Higher volatility can be expected at around 12:30 GMT, when the U.S. GDP and jobless claims data will both be published.
USD/JPY
Today, the Ninja managed to rally with about half a figure. The key area for the bulls that was eventually overcome was the resistance at 127.00. At the time of writing the analysis, the bulls are about to breach the next hurdle at 127.50 and will likely boldly attack the level at 128.00 as well. In order for the sell-off to gain more steam, however, the bears would first need to breach the support at 127.00.
GBP/USD
For the past several days, the bulls have been successful in making the Cable work in their favour. At the time of writing, traders are trying to breach their close resistance at 1.2600, while their next key resistance is sitting at 1.2760. To put an end to their upward momentum, the bears would first have to deal with the two important supports at 1.2500 and at 1.2430.
EUGERMANY40
The German index continues to trade between the support at 13870 and the resistance at 14150, and for the past several days, neither the bears nor the bulls have been able to tip the scales in their favour. No news from the macroeconomic calendar is expected to affect the index until the very end of the weekly session, so it is very likely that its consolidation will continue. If, despite that, the bulls somehow manage to breach the resistance at 14150, then the next level that they would have to overcome would be 14280.
US30
The situation with the U.S. blue chips is similar to that of the German index with the exception that the bulls seem a bit stronger, footing. The levels, within which the U.S. index is currently ranging, are the support at 31855 and the resistance at 32745, respectively. The main difference, however, is that by the end of the trading session, we have a lot of upcoming news that could have a strong impact on the index. The U.S. gross domestic product report (12:30 GMT), the announcement of the Initial Jobless Claims data (12:30 GMT), and the Pending Home Sales data (14:00 GMT) are just some of the expected macroeconomic news for tomorrow, which should have a significant influence over the market, especially given the fact that the GDP figure will be largely indicative of whether or not the world’s biggest economy is headed towards a recession.
