The Euro-Dollar pair moved lower today as the American economy showed signs of growth: unemployment claims declined to 388K versus expected 396K and buildings permits rose to 0.65, more than the 0.60M estimate.
The currency pair is closing in 1.3380/60, which is to provide temporary support for the price. After some time it is expected to be pushed through, clearing the way to subsequent levels at 1.3145 and eventually 1.20.
EUR/JPY has successfully tested 103.40 and now the bearish momentum is gradually gaining strength to drag the price down to 103.08. Should the latter support be breached, then this drop might extend down to 100.77.
Since the pair has come below 1.5825, it should then tumble down to 1.5632. Secondary and tertiary targets are located at 1.5272 and 1.5050. Rallies are to be capped by resistances at 1.6060 and 1.6136.
It seems that USD/JPY has based upon a support situated at 76.94 and is not willing to move in any direction. Nevertheless, in the long-term it is expected to commence advancing toward 79.44 and afterwards surge up to 80.44.
USD/CHF is one of few pairs to have bullish impetus, as it has managed to climb over 0.9157 and is now headed toward 0.9317 and 0.9341/99. From below the pair is well-supported by an uptrend at 0.8962.
USD edged higher against the Swiss Franc today as more investors are turning to dollar and to Treasuries amid fresh concerns over last economic developments in Europe. None of the support (0.9106; 0.9034; 0.8917) and resistance (0.9223; 0.9269; 0.938) levels has been tested so far. The daily trading signals point at a continuation of the bullish trend ahead.
The market mean at 77.11 has been touched in early Wednesday trading, though the pair commenced moving south as concerns over the EU debt crisis intensified. None of the support (76.82/57;75.99) and resistance (77.41/74; 78.32) levels has been hit. The daily outlook remains bearish.
The British pound moved lower today as worries over the European Union economic stability intensified; in addition to that, the British economy posted the unemployment rate at 8.3% which is more-than-forecast. Resistance (1.5889; 1.5977; 1.6111) lines remained intact today, whereas a breach of support 1 at 1.5756 exposes the last two support lines at 1.5710 and 1.5576. Meanwhile, the daily market
The single European currency continued moving downwards as investors remain concern over recent negative economic developments in Europe, causing EUR/JPY to cross the market mean at 104.50. Resistance (105.11; 106.12; 107.71) levels were not tested today, while a cross of support 1 at 103.52 exposes two remaining support lines at 102.96 and 101.37. The daily market stance remains strongly bearish.
The Euro pursued moving in the bearish trend as the European debt crisis worsens, sending the pair lower, breaching the market mean at 1.3551. While none of the resistance (1.3597; 1.3691; 1.3835) lines has been touched, after support 1 at 1.3453 was left behind, bearish investors might expect the pair move lower towards 1.3402 and 1.3258 respectively. The daily trading outlook
The pair has climbed over a resistance at 0.9157 and is on its way towards 0.9317. Although 0.9341/99 might trigger trade off. Nevertheless, dips should be stopped by supports located at 0.8936 and 0.8555/50.
The currency couple stays near 76.91 for the moment, the level from which it is expected to commence recovery. To confirm reversal USD/JPY will have to overcome key resistances at 79.44 and 80.44.
GBP/USD has tumbled below 1.5824 and may continue to fall down until it reaches 1.5632 or even 1.5272. Within the next three months though the price is expected to contract to 1.50. Rallies should be limited by 1.5872 and 1.6059.
Since a tough support at 104.75 was breached, subsequent levels will be tested in the near-term - 103.08 and 100.77. From above the price is capped by a key resistance levels situated at 106.60/80 and 108.50.
EUR/USD had pierced through a support at 1.3484 and is now approaching a lower level located at 1.3380/60. Should this line be penetrated as well, 1.3145 will come into play. Long-term target remains at 1.20.
The single European currency moved lower today after the German ZEW Economic Sentiment index has been released at -55.2 versus estimated -51.8, suggesting that the German economy might slow down in the short-term. This potential outcome spook investors, who pushed the pair lower to 1.3512, leaving the market mean at 1.3664 intact.
Rebound from 0.8910 is anticipated to extend further and USD/CHF should breach the initial resistance at 0.9157. Higher levels will be encountered at 0.9341 and 0.9399. Dips will be limited by a tough support area located at 0.8555/50.
USD/JPY has managed to consolidate at 76.89 and is unlikely to show any weakness from now on. The primary target for the pair is at 79.44, then it will aim for 80.44, which is 55 week ma. The ultimate goal is situated at 85.53.
Resistances at 1.6078 and 1.6139 should be able to negate advancement of the price, while the cable is expected to step lower to 1.5833, 55 day ma. Below this level GBP/USD is likely to target 1.5632 en route to 1.5272.
From above EUR/JPY is capped by resistances at 106.80 and 108.50 which will halt any rallies. The outlook for the pair is negative as it has already pierced through a support at 104.75, and is now on the way to 103.08, then 100.77.
For as long as the currency couple stays below a key resistance level located at 1.3870, the bias for EUR/USD will remain bearish. Currently the price is headed towards 1.3380/60, in case the latter line is breached, 1.3145 will be next in focus.
The euro moved lower today against the American dollar, after the German Chancellor Angela Merkel stated the European Union has to be integrated closer to survive the 'toughest hours since World War II', causing the pair to cross the market mean at 1.3717.
EUR/USD is considered bearish, as it is expected to slip down to 1.3380/60 in the near-term. Its further movements will target subsequent levels located at 1.3145, 1.2860 and eventually 1.20. Rallies should be capped by a resistance line at 1.3870.