EUR/USD Current Price: 1.1352
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Improved markets' sentiment due to a continued recovery in oil prices continues to be the main market leader this Tuesday, keeping the dollar subdued all across the board. The common currency is a lager today, weighed by mixed local data, as the ZEW survey showed that assessment of the current situation decreased in April, but he economic sentiment improved for Germany and the EU, as latest positive data coming from China, eased concerns over a global economic slowdown. The EU current account released earlier today, recorded a surplus of €19 billion, while January readings were revised to €27.5B. Finally, Construction output in the region fell by 1.1% in the same month, well below the previous 3.6%. In the US, another batch of disappointing housing data sent the greenback further lower ahead of Wall Street opening, falling more than expected in March. Residential starts decreased 8.8% to a 1.09 million annualized rate that was the lowest since October, while Building Permits fell to 1.8 million.
The EUR/USD pair advances to fresh daily highs around the 1.1350 region, finally breaking above the 1.1330 price zone that contained advances ever since the week started. Technically, the 1 hour chart shows that the technical indicators have accelerated higher into overbought territory, whilst the price is currently above its moving averages, having broken beyond the 200 SMA in this last spike, all of which signals an upward continuation in the short term. In the 4 hours chart, the RSI indicator accelerated its advance and stands now around 61, although the price is still struggling to overcome its 100 SMA. Overall, the upside is now favored towards the 1.1400/20 region, ahead of the 1.1460 major resistance level.
Support levels: 1.1330 1.1280 1.1235
Resistance levels: 1.1380 1.1420 .1460
GBP/USD Current price: 1.4381
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The GBP/USD pair trades at fresh monthly highs, fueled by news showing that in the latest polls, those voting to remain within the EU have took the lead. The Pound is also being benefited by high-yielders demand, and the pair can continue advancing, particularly on a break above 1.4405, where the pair presents a daily descendant trend line coming from February high. Short term, the 1 hour chart shows that the technical indicators are partially losing upward strength within overbought territory, but are far from suggesting a reversal, as the price extends beyond its moving averages. In the 4 hours chart, the technical indicators are also losing upward momentum within overbought levels, but the price is also far above its moving averages, supporting at least a test of the mentioned trend line.
Support levels: 1.4350 1.4315 1.4260
Resistance levels: 1.4405 1.4440 1.4485
USD/JPY Current price: 109.23
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Short term bearish below 109.00.The USD/JPY pair retreats from a fresh weekly high set at 109.48, weighed by poor US housing data, as in March, housing starts and building permits fell beyond expected. Despite improved market's mood, the pair retains its long term bearish tone, although some consolidation could be expected, before the pair is able to break below 109.00. From a technical point of view, the 1 hour chart shows that the technical indicators have turned sharply lower from near overbought levels, but the price holds above the 100 SMA, which broke beyond the 200 SMA earlier this week. The shortest reinforces the immediate support, by standing around 109.00. In the 4 hours chart, the 100 SMA has accelerated its decline above the current level, whilst the technical indicators hover around their mid-lines, lacking clear directional strength, and therefore maintaining the risk towards the downside.
Support levels: 109.00 108.65 108.20
Resistance levels: 109.50 110.00 110.40
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