EUR/USD has fallen for the third day in a row as the Greenback strengthened across the board following better than anticipated data releases. The latest slide has pushed the pair below the $1.0700 level, hitting its lowest level since mid-March at $1.0678. Below here, we look for support at the March 15 low at $1.0601 followed by the March 10 low at $1.0569. On the upside, the overnight high at $1.0770 and yesterday’s high at $1.0826 are in focus.
After a choppy session on Wednesday when UK PM May formally triggered Brexit, the Pound has found some clear resilience today, with Cable extending its recovery move to above the $1.2500 level. The pair hit daily highs at $1.2525 in early US trade but was unable to extend the gains as the Greenback strengthened, slipping back to around $1.2480. In terms of technicals, today’s high may offer some resistance ahead of Tuesday’s high at $1.2596. On the downside, today’s low at $1.2401 and yesterday’s low at $1.2375 are in focus.
USD/JPY is trading at its highest level since March 21st after upbeat US GDP data provided an additional boost to the Greenback’s recovery move. The pair broke above ¥111.50 and hit a daily high at ¥111.84 in recent trade. Above here, we look for resistance at the March 20th low of ¥112.44 followed by the March 21st high at ¥112.86. In terms of support, today’s low at ¥110.91 and yesterday’s low at ¥110.69 are in focus.
GBP/EUR is higher ahead of the US close, with the pair extending its sharp recovery move to reach near one-month highs at €1.1680. The Euro was has been under pressure amid a more dovish ECB message and a softer than expected pan-German CPI print earlier today. In terms of technicals, we look for resistance at the March 2nd high of €1.1698 followed by the March 1st high at €1.1750. On the downside, Tuesday’s high at €1.1620 and today’s low at €1.1538 are in focus.