Despite the relatively elevated volatility observed yesterday (80-pip trading range) none of the key levels were broken.
As suspected, EUR/USD did move north, and it is already supposed to feel the pressure coming from the long-term down-trend resistance.
After trading above the monthly PP at 0.8570 from the beginning of the month the pair has finally slipped below this significant level.
It seems that the pair's further appreciation is largely dependant on the 100-day SMA and weekly PP at 1.1025/29.
Today the Aussie formed an attack to the weekly PP and major level at 0.9300; however, it bounced off to trade around 0.9275 again.
After last week's struggle to break the monthly PP at 141.70, Eurozone's currency has successfully breached it today and it is trading around the weekly R1 at 141.85.
After opening with a downside gap USD/CHF changed the direction and it is now moving back to the down-trend resistance.
USD/JPY failed to find support in the face of the weekly PP and 38.2% Fibo and fell last week.
Regardless of numerous attempts to rise, the Cable remains unable to cross the demand area created by the February high and monthly R1 at 1.6822/00.
Since the single European currency has already closed the bullish gap and the support consisting of the monthly PP and 55-day SMA is intact, there is still a chance for a rally.
This week the common currency has lost some ground against the Yen; moreover, today it slid beneath the 20 and 55-day SMAs.
This week the pair declined and dropped below the 20-day SMA, now for the second straight day it is trading just below the weekly S1 at 0.9293.
The 100-day SMA still continues to support the pair and it has done that all week long.
The Kiwi has basically remained unchanged this week and it was not able to break the weekly PP and 20-day SMA at 0.8615/19 and not able to slip below the monthly PP at 0.8570.
After piercing the 20 and 55-day SMAs USD/CHF is getting ready to test the weekly and monthly pivot points at 0.8813/11.
As it turns out, the support at 102.20, consisting of the weekly PP and 38.2% Fibonacci retracement of the November-December advancement, should be enough to keep the pair afloat.
"Punchy retail sales could get it up there, but sterling has done well recently and the push towards these highs [$1.6842] will be met by sellers."- FxPro (based on Reuters)Pair's OutlookGBP/USD refused to leave the vicinity of 1.6822/14, being backed up by the nearest supports, such as the weekly PP and 20-day SMA. Therefore there are still considerable risks that
With certain difficulties, but EUR/USD seems to have finally overcome the monthly pivot point.
Today the Kiwi dropped below the monthly PP at 0.8570 and reached the lowest level since fourth of April.
Since the middle of the last week pair's appreciation has gone hand in hand with the 100-day SMA.
AUD/USD has extended its yesterday's decline and it is trading above the weekly S2 at 0.9255.
The pair has been consolidating below the monthly PP at 141.70 and above the 20-day SMA for the seventh day.
As the resistance at 0.8857 proved to be impenetrable, the bias towards USD/CHF is fairly negative.
While the 20 and 55-day SMAs failed to underpin USD/JPY, the support at 102.20 successfully repelled the attack.