EUR/USD Current price: 1.3720
View Live Chart for the EUR/USD
After holding pretty well to Draghi speech and the decision to keep rates on hold, the EUR/USD accelerates lower ahead of US opening, nearing 1.3705 past Friday low. The pair faltered to advance beyond 1.3810 on an initial spike and seems Draghi dovish wording was actually enough after all to put the common currency under pressure.
The hourly chart shows indicators still around their midlines, albeit a slightly bearish tone prevails considering price action, albeit if bulls decide to defend current levels, the pair may quickly return to the 1.3750 and stay put there again ahead of the US employment figures to be released tomorrow. In the meantime, a break below the 1.3700 figure could push the pair down to 1.3640/60 price zone, where a long term ascendant trend line converges with the 61.8% retracement of the latest daily bullish run. It will be only a break below this last that will jeopardize bulls’ strength in the days to come.
Support levels: 1.3710 1.3670 1.3640
Resistance levels: 1.3750 1.3780 1.3815
GBP/USD Current price: 1.6581
View Live Chart for the GBP/USD
The GBP/USD fell earlier today, on the back of a disappointing Services PMI reading in the UK, and was unable to recover ground with the news, extending down to 1.6570 daily low. The short term picture has turned bearish, with price developing below its 20 SMA and indicators heading lower in negative territory, supporting a test of 1.6550 static support area. In the 4 hours chart current candle opened below the 200 EMA while indicators gain bearish momentum below their midlines, supporting the short term view.
Support levels: 1.6550 1.6510 1.6470
Resistance levels: 1.6610 1.6650 1.6690
USD/JPY Current price: 104.01
View Live Chart for the USD/JPY
Dollar demand pushed USD/JPY towards fresh highs above the 104.00 mark, albeit the movement remains subdue, with price a few pips above pre news levels. The hourly chart maintains a positive tone, with indicators above their midlines and moving averages heading strongly up well below current price, supporting current movement but not anticipating further upward accelerations right now. The pair will likely remain around current levels until NFP reading upcoming Friday.
Support levels: 103.90 103.60 103.30
Resistance levels; 104.45 104.80 105.20
Recommended Content
Editors’ Picks
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold price finishes Thursday’s session set to reach new all-time highs
Gold price rallied during the North American session on Thursday and hit a new all-time high of $2,225 in the mid-North American session. Precious metal prices are trending higher even though US Treasury yields are advancing, underpinning the Greenback.
Bitcoin price extends retreat from $69K as old whales shift their holdings to new whales
Bitcoin price continues to move further away from the $69,000 threshold, gaining ground as BTC bulls hope for a retest of the $73,777 peak. This is because of the general assumption that clearing this blockade would set the tone for a reach higher, marking a new all-time high.
Bears have been standing before a steamroller so far this year
Despite a pushback on rate cuts from Christopher Waller, and what was supposed to be cautious trading sentiment ahead of critical US inflation data released later on Friday, the S&P 500 rose on Thursday, marking its best first-quarter performance in five years.