EUR/USD Current Price: 1.0904
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The EUR/USD pair jumped above the 1.0900 level after being consolidating in a tight range for most of the past two session, with no actual catalyst behind the movement, setting a daily high of 1.0909 ahead of the release of US employment data. Earlier on the day, the release of the services and composite Markit PMIs from Europe showed a broad-based slowdown in the region, as the rate of output expansion eased across the region. The final Markit Eurozone PMI Composite Output Index fell to 53.0 in February, its lowest reading since January of last year but above the earlier flash estimate of 52.7.
In the US, job cuts fell 18% during February, actually good news, as US-based employers announced 61,599 job cuts during the month, 18 percent fewer than the 75,114 in January. Weekly unemployment claims however, rose beyond expected up to 278K in the week ending February 26, while Unit Labor Cost fell to 3.3% during the last quarter of 2015, well below the 4.7% expected.
The EUR/USD pair hovers around the 1.0900 figure ahead of US opening, with the upside still being limited on self EUR weakness. The 1 hour chart shows that the price is above a bullish 20 SMA, while the technical indicators have retreated within positive territory, although are still far from signaling that the pair may resume its decline. in the 4 hours chart, the upside seems more constructive, with the price advancing above its 20 SMA for the first time this week, while the technical indicators have advanced above their mid-lines, supporting some further gains on a break above 1.0925, the immediate resistance.
Support levels: 1.0890 10845 1.0810
Resistance levels: 1.0925 1.0960 1.1000
GBP/USD Current price: 1.4011
View Live Chart for the GBP/USD
The GBP/USD pair eased from a daily high of 1.4106 on the back of poor local PMI readings, as during February, the sector grew 52.7 according to Markit, down from the previous 55.6 and the weakest reading in almost three years. Also, housing data came out tepid, showing that during the three months to February, it remained steady at 9.7%. But dollar's broad weakness, alongside with tepid US employment figures, has helped the pair recover most of the ground lost. Technically, the 1 hour chart shows that the price is above a horizontal 20 SMA, while the technical indicators lack clear directional strength, heading nowhere around their mid-lines. In the 4 hours chart, however, the technical picture favors additional gains, as the price is far above a bullish 20 SMA, while the technical indicators are resuming their advances well above their mid-lines.
Support levels: 1.4040 1.3990 1.3950
Resistance levels: 1.4105 1.4130 1.4185
USD/JPY Current price: 113.58
View Live Chart for the USD/JPY
Bearish below 113.50. The USD/JPY pair is easing from a daily high set at 114.26, but holds onto gains daily basis, helped by an improvement in market's sentiment. Nevertheless, the dominant bearish trend remains firm in place, with spikes still seen as seling opportunities. Poor US employment data reinforces the trend, as higher weekly unemployment rates and lower salaries pay by the ends of 2015, suggest Friday's Payrolls will be a miss. The 1 hour chart shows that the 100 SMA heads higher below the current price, converging with a Fibonacci support around 113.50, while the technical indicators present a slightly bullish tone. In the 4 hours chart, the technical indicators turned lower within bullish territory, but lack strength enough to suggest a directional move.
Support levels: 113.50 113.10 112.70
Resistance levels: 114.25 114.60 115.05
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