EUR/USD traded up through $1.0600 today, but failed ahead of key levels around $1.0620 and is now hovering around $1.0590 into the US close. The single currency gained support after ECB President Draghi stressed in the press conference that followed the ECB decision to leave rates on hold that the central bank has no sense of urgency to take further action. From a technical view, we look for resistance at today’s high of $1.0615 followed by Monday’s high at $1.0640. In terms of support, today’s low at $1.0525 and the March 2nd/February 22nd low at $1.0495/$1.0494 are in focus.
GBP/USD is trading a touch higher into the US close after bouncing back from fresh 7-week lows at $1.2135 as the USD-index turned negative. In terms of technicals, today’s multi-week low forms our first support level followed by the January 17th low at $1.2018. On the upside, yesterday’s high at $1.2214 and Tuesday’s high at $1.2252 are in focus.
USD/JPY began around ¥114.50 and got off to a quiet start before then spiking towards the ¥115.00 level and printing a fresh 5-week high at ¥114.98 in recent trade. Above here, we look for resistance at the January 27th high of ¥115.38 followed by the January 19th high at ¥115.62. On the downside, Wednesday’s high at ¥114.15 and Monday’s/Wednesday’s lows at ¥113.56/61 are in focus.
GBP/EUR is trading lower into the US close after ECB President Mario Draghi’s press conference gave out some slightly less dovish signals, boosting the euro. The pair began around the mid-€1.15 level before tumbling to fresh multi-week lows at €1.1469 post-ECB. Below here, we look for support at the January 16th high of €1.1426 followed by the January 17th low at €1.1340. On the upside, yesterday’s high at €1.1555 and Tuesday’s high at €1.1575 are in focus.