Current level – 1.1414
The common European currency continues to rise against the dollar and, during yesterday’s trading session, managed to breach and rise above the key resistance level at 1.1420. However, the pair wasn’t able to stay above it by the end of the trading day. At the time of writing the analysis the currency pair is headed for another test at 1.1420, which, if successful, could prolong the positive trend. If the breach attempt at 1.1420 fails again, the pair would probably retreat and test the support level of 1.1351. Today, a spike in volatility can be expected around the announcement of the European Central Bank’s interest rate decision (11:45 GMT), as well as during the ECB press conference (12:30 GMT).
Current level – 106.83
Yesterday’s fall was limited by the support at 106.80 and, at the time of writing, the currency pair stays slightly above this support level. In case the support at 106.80 holds, then a rise towards the resistance at 107.25 could be expected. In the negative direction, a major support, following the aforementioned 106.80, is the level of 106.00.
Current level – 1.2579
The sentiment towards the Cable remains positive and it is expected to rise and once more test the key resistance at 1.2666. A short-term correction is not excluded, but it should be limited by the support at 1.2483.