EUR/USD remained steady today, moving in a narrow 30 pip range between $1.0700 and $1.0670 despite a dip in Eurozone inflation which is seen helping the ECB to maintain its negative interest rate policy and ongoing QE. From a technical view, today’s low at $1.0668 forms our first support level ahead of the March 15th/14 lows at $1.0601/1.0597. On the upside, the March 16th low at $1.0704 and March 21st low at $1.0717 are in focus ahead of yesterday’s high at $1.0770.
GBP/USD has had an up and down Friday session, but has gathered momentum during US trade and jumped back above the $1.25 handle amid Usd weakness. Generally dovish comments from Fed officials put some pressure on the Greenback along with the weak growth seen in the consumer spending figures. In terms of technicals, today’s high at $1.2548 may offer some resistance ahead of Tuesday’s high at $1.2596. On the downside, yesterday’s low at $1.2401 and Wednesday’s low at $1.2375 may offer support.
USD/JPY failed to sustain above ¥112.00 and lost ground during the North American session after the release of US data and dovish comments from Fed officials. The pair recently touched a daily low at ¥111.21, below which we look for support at yesterday’s low of ¥110.91 and Wednesday’s low at ¥110.91. On the upside, the overnight high at ¥112.19 may offer some resistance ahead of the March 20th low of ¥112.44.
GBP/EUR leapt back above the €1.17 handle in US trade, with the pair trading up to highs near €1.1740 as the Pound strengthened against the greenback and the Euro held steady. From a technical view, the March 1st high at €1.1750 may offer some resistance ahead of the February 23rd low of €1.1771. On the downside, the March 23rd high at €1.1620 may offer some resistance ahead of yesterday’s low at €1.1538.