EURUSD Continues To consolidate!
While the pair’s intermediate trend is bullish, the EURUSD will have to break and hold above its declining trendline to prevent a return to the downside. Support comes at the 1.3265 levels where a cut will aim the 1.3190 levels, further down, support stands at the 1.3088/1.3030 levels.
A failure to hold above the 1.3358 levels on a daily closing basis could mean a return to the 1.3265 levels.
On the upside, resistance comes at the 1.3358 levels where a break will challenge the 1.3420 levels. Above 1.3420 will create scope for a return to 1.2522 levels.
Conclusion: The EURUSD remains exposed to the downside below its declining trendline.
Germany will report on its ZEW Economic Sentiment (Mar) today at 10:00 GMT
As long as 1.3993 support holds on a daily closing basis, the GBPUSD remains on the upside to the 1.4070 levels, a halt is likely and it may turn lower from here to test 1.3993 levels, however; above 1.4070 levels will challenge the 1.4150 levels, further upside, resistance comes at the 1.4277 levels.
The first assumed target has been met at 1.4070 levels, so a corrective pullback may be seen to the 1.3995 levels before the next rising…
On the downside, below 1.3993 sees a corrective pullback to the 1.3920/1.3874 levels before another rise, a cut through the 1.3874 should weaken recent rise and turn the focus on the 1.3755 levels.
Conclusion: The GBPUSD continues to face upside threats above the 1.3993 levels, below 1.3993 sees a pullback threats to the 1.3920/1.3874 levels before another rising.
The U.K will report on consumer inflation for Feb today at 09:30 GMT. CPI data is likely to bring a buying opportunity.
As long as 106.37/107.05 resistance holds on a daily closing basis, the USDJPY remains neutral with risk to the downside, support comes at the 105.45 levels, a halt is likely but a cut would open 104.28, further down, support comes at the 102.85 levels.
On the upside, resistance comes at the 106.37 levels ahead of the 107.05 levels (main). A daily closing above 107.05 will aim the 107.80 levels where a break will bring more gains to the 108.77 levels.
Conclusion: The USDJPY continues to consolidate with a downside risk below the 107.05 levels.