EUR/USD
During the past session, the movement of the currency pair remained in a narrow range between the support at 0.9901 and the resistance at 0.9999. The long-term downtrend is probably not over yet, even though the upper limit of the range was reached. A potential breakout and a test of the next target — the resistance at 1.0042 — could be a signal that the bulls are trying to get back into the market. If the price fails to hold above the support at 0.9901, then we may witness yet another depreciation of the euro against the dollar towards the levels from 20 years ago. Important data that may have an impact on the market is the IFO business climate report for Germany (08:00 GMT) and the initial jobless claims numbers for the U.S. (12:30 GMT).
USD/JPY
The consolidating movement of the currency pair between the support at 136.10 and the resistance at 137.49 continued during the past trading session and the beginning of the new one. The bulls are currently in control of the market and a successful breach of the 137.49 level would likely not surprise anyone. Conversely, if the support at 136.10 is breached, then this would pave the way for the bears to reach the next zone at 135.38, where the bulls should intervene and fight them off.
GBP/USD
Trading in the past session was calm and for now the price of the currency pair manages to hold above the support at 1.1792. We may see a range move and a retracement towards the resistance at 1.1855. However, the bears have settled permanently in the market, and so if the level at 1.1792 does not hold, then the next support at 1.1407 would be easily reached as well. A signal that the bulls may return to the market for a longer time period would be a breach of both resistances at 1.1932 and at 1.2018.
EUGERMANY40
During the past session, the price of the German index consolidated in the range between the levels of 13066 and 13312. If the bears manage to overcome the supports at 13066 and at 12844, then it is possible to see a return of the negative trend. However, if the resistance at 13312 is overcome, then the next target for the bulls would be the level of 13474. Important data that may influence the market today is the aforementioned IFO business climate report for Germany and the unemployment claims data for the U.S.
US30
The U.S. blue-chip index managed to hold above the important support at 32742 and the bulls will likely have a new target — the level of 33176. However, we should not completely rule out the possibility of the bears returning to the market as well. This, however, could only happen if the support levels at 32742 and at 32454 are both breached.
