EURUSD Sees Consolidation!
With EURUSD rejected from the 1.1738 levels followed by a break above 1.1795 levels, the focus has been shifted to the 1.1830 levels at the moment. On the upside, a sustained breakout – daily closing above the 1.1830 levels will challenge the 1.1868 levels, a halt could be seen but a break will aim the 1.1935 levels where another hesitation is possible, but if this fails to occur, the pair will extend gains to the 1.2000 levels ahead of the 1.2059 levels.
On the downside, immediate support comes at the 1.1738 levels, below that level will suggest that rise from 1.1769 is over at the 1.1880 levels and a lower leg below 1.1769 could be seen to 1.1585 levels, further down support comes at the 1.1478 levels.
Conclusion: The EURUSD continues to consolidate within 1.1738/1.1868 range before the next move.
Today the focus will be on weekly U.S report on jobless claims as well as Philadelphia Fed Manufacturing Index report.
GBPUSD: Continues To Consolidate..
With GBPUSD breaking below 1.3225 levels, the focus has been turned to the 1.3130 levels, a halt is likely but a cut would open 1.3041 next, buyers may return here but if this fails to occur, further down will be seen to the 1.2908 levels ahead of the 1.2792 levels.
On the upside, resistance remains at the 1.3325 levels, a daily closing back above this level will turn the focus again on the 1.3350/1.3442 levels…
Conclusion: The GBPUSD sees sideways move with possible to break lower.
U.K Retail Sales aleady fell to -0.8%, from 0.9% a month earlier, missing forecast of -0.1% in the last month. This development should put the pair under pressure…
As long as 111.70/111.33 support holds on a daily closing basis, the USDJPY remains in a recovery mode and further upside could be seen to the 113.20 levels, a halt is likely and it may turn lower from here but if this fails to occur the pair will extend gains to the 113.95 levels, further upside resistance stands at the 115.00 levels.
On the downside, immediate support comes at the 112.50 levels – broken resistance turned support – with a break below here turning the focus back on the 111.70/111.33 levels, below that level will restore the downside momentum and pave the way to the 110.25 levels ahead of the 109.23/109.54 levels.
Conclusion: The USDJPY continues to face recovery threats above 111.33/111.70 levels.