EUR/USD
The beginning of the week started with the European currency attempting to restore its positions against the dollar. After the market opened, the euro’s attempt at breaching the resistance at 1.0936 was unsuccessful. If the bulls try to breach this level for a second time and succeed in doing so, then the next level of resistance they have to overcome is 1.0982. If they fail to stay above it, however, then the bears would once again prevail and head the price towards the support at 1.0845. For now, the mentioned level is managing to resist the pressure, but the market mood remains negative. The important news that is expected to come out this week is the change in the U.S. Federal Reserve’s key interest rate.
USD/JPY
The Japanese yen continues to lose ground against the U.S. dollar. The resistance at 117.00 was easily overcome on Friday and opened the way for the bulls towards the next one in the area at around 118.04. In the opposite direction, the main support is the level at 117.00. Even if it is successfully overcome, however, the return of the bears is still unlikely. So far, sentiment for the U.S. dollar remains positive.
GBP/USD
So far, the price of the currency pair manages to stay below the resistance at 1.3099. The bears are in full control of the market and have successfully overcome the level at 1.3025, with their next target expected to be the support at 1.2978. If the bulls manage to return to the market, then their first goal should be to overcome the resistance at 1.3099. Given the negative mood, however, the movement is more likely to continue its decline.
EUGERMANY40
The German index is currently recovering and successfully holding above the support at 13345. However, this consolidation may only be temporary given the precarious situation in Ukraine. If the bulls’ attempt to breach the resistance at 13800 is unsuccessful, then the bears may once again prevail. If this happens and they overcome the support at 13345, then we may witness a new sell-off wave towards the next major level of 13093.
US30
Last week was successful for the U.S. blue-chip Index as it managed to stop its fall by forming a range between the levels of 32360 and 34100. At the time of writing the analysis, the price is located at 33072 and the bears are more likely to test the support level at 32930. If the resistance at 33330 is overcome, however, then it would be a signal that the bulls are returning to the market. In addition to any news regarding the war in Ukraine, other important economic data that is expected to come out this week and that could affect the index price is the change in the U.S. Federal Reserve’s key interest rate and in that of the Producer Price Index (again for the U.S.).
