EUR/USD Current Price: 1.1164

View Live Chart for the EUR/USD

E

The EUR/USD pair trades uneventfully this Tuesday, confined to a tight 50 pips range below the 1.1200 figure. The Asian session saw a continuation of the latest risk appetite, but the sentiment began to fade mid European session, on news that Saudi Arabia, and other oil producing countries, agreed to freeze production at January levels. The announcement stalled short from market's expectations of a production cut, and the commodity plunged over $2.00, driving stocks lower and putting safe havens back on demand. In the EU, German's ZEW survey showed a sharp decline in economic sentiment for February, down to 1.0 from previous 10.2. The current situation was also assessed negatively, at 52.3 from a previous 59.7. In the EU, sentiment beat expectations printing 13.6, but is well below previous month reading of 22.7. 

The EUR/USD pair trades barely above its daily opening ahead of the US opening that will resume activity today after a long weekend. Technically, the 1 hour chart shows that the price is hovering around  a flat 20 SMA, while the technical indicators turned south around their mid-lines, lacking directional strength. In the 4 hours chart, the price is well below a bearish 20 SMA, but the technical indicators continue heading higher from oversold levels, still within bearish territory, in line with limited advances for today. 

Support levels: 1.1120 1.1080 1.1045

Resistance levels: 1.1200 1.1245 1.1290


GBP/USD Current price: 1.4346

View Live Chart for the GBP/USD

g

The GBP/USD plummeted after spiking up to 1.4515 early Europe, with no actual catalyst beyond the advance. Market may have been pricing in improved inflation data, but once released, the disappointing figures sent the pair lower. According to the official release, the consumer price index fell by 0.8% in January, leaving the annual reading up by 0.3%. Producer Price Index output and input fell, but posted the smallest decrease in over a year. Nevertheless, the pair sunk following crude and stocks, and is currently trading at its lowest for the week, around 1.4345. The 1 hour chart shows a strong bearish momentum as the price accelerates below a short term ascendant trend line, while in the 4 hours chart, the technical picture is also bearish, with the early rally meeting selling interest around its 200 EMA. Should the decline extend below 1.4310, the next bearish target comes at 1.4250, a major long term static support. 

Support levels:  1.4310 1.4280 14250

Resistance levels: 1.4370 1.4410 1.4450


USD/JPY Current price: 113.80

View Live Chart for the USD/JPY

y

Ready to resume its decline. The USD/JPY pair flirted with the 115.00 figure at the beginning of the day, but resumed its decline as market sentiment flipped. The increasing risk aversion is favoring the safe-haven yen, which trades near a daily low set so far at 113.63.The technical picture favors the downside as in the 1 hour chart, the price has been rejected from a strongly bearish 200 SMA, and is currently nearing the 100 SMA, a support now around 113.35, while the technical indicators have turned lower below their mid-lines. In the  4 hours chart, the technical indicators continue retreating from near overbought levels, as the 100 and 200 SMAs accelerate their declines far above the current level, supporting some further declines on a break below the mentioned support.

Support levels: 113.60 113.35 113.00

Resistance levels: 114.20 114.75 115.20 


AUD/USD Current price: 0.7154

View Live Chart for the AUD/USD

a

The Australian dollar remains in consolidate mode against the greenback, firmly above the 0.7100 level, with the pair now being weighed by a decline in commodities. Nevertheless, the decline has been quite limited, suggesting the risk remains towards the upside. In the 1 hour chart, the technical picture is neutral, with the technical indicators turning slightly lower around their mid-lines and with the price hovering back and forth around a horizontal 20 SMA. In the 4 hours chart, the price remains well above a bullish 20 SMA, while the technical indicators have turned slightly lower well above their mid-lines. 

Support levels: 0.7100 0.7060 0.7030

Resistance levels: 0.7170 0.7210 0.7245

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE

EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE

EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action. 

EUR/USD News

GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday

GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday

GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance. 

GBP/USD News

Gold price sits at all-time highs above $2,230, US PCE eyed

Gold price sits at all-time highs above $2,230, US PCE eyed

Gold price hit all-time highs at $2,236 on Thursday to finish Q1 2024 with a bang. Most major world markets, including the US are closed due to Holy Friday, leaving volatility around Gold price highly subdued. US PCE inflation and Powell are awaited. 

Gold News

Jito price could hit $6 as JTO coils up inside this bullish pattern

Jito price could hit $6 as JTO coils up inside this bullish pattern

Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.

Read more

Key events in developed markets next week

Key events in developed markets next week

Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.

Read more

Majors

Cryptocurrencies

Signatures