EURUSD - Current Price $1.05928
EURUSD saw an early dip to $1.0570 lows, but there has been short-covering since with the pair currently trading back to around unchanged in a relatively small range. Despite some decent data out of the Eurozone, any major recovery attempts look fragile, with the single currency continuing to be dogged by geopolitical concerns. Looking ahead, University of Michigan sentiment and US New Home Sales are just about all we have to look forward to on the scheduled data front today. On the technical front, Tuesday’s high at $1.0616 and Monday’s high at $1.0635 may offer some resistance, while we look for support at the overnight low of $1.0570 and yesterday’s low of $1.0538.
GBPUSD - Current Price $1.25479
GBPUSD followed a similar pattern to EURUSD, initially losing ground to $1.2537 lows before making a comeback but struggling ahead of $1.2600. The pair has since given back some ground and is currently trading little changed around the mid-$1.2500 level. Nothing noteworthy from the UK docket today, but University of Michigan sentiment and US New Home Sales due later in the session. From a technical view, we look for resistance at the February 9th high of $1.2582 followed by the February 2nd high at $1.2706. On the downside, we look for support at the overnight low of $1.2537 followed by Wednesday’s high at $1.2508.
USDJPY - Current Price ¥112.520
USDJPY saw very early lows around ¥112.60 but managed to trudge its way to above ¥112.95 before topping out there for the session. The pair was last seen changing hands around ¥112.72 with a negative start to the European session refuelling risk-off. Focus now turns to US new home sales and University of Michigan sentiment data for fresh impetus. In terms of technicals, yesterday’s low at ¥112.55 may offer some support ahead of the multi week low from February 7th at ¥111.60. On the upside, yesterday’s high at ¥113.46 and Tuesday’s high at ¥113.78 are in focus.
EURGBP - Current Price 0.84477
After clinching session lows at 0.84212, EURGBP saw a brief bout of buying to 0.84505 highs, with a recovery in the EURUSD and consolidative price action in Cable contributing to the pair. Lack of noteworthy data today leaves focus on political instability emanating from the upcoming EU elections. In terms of technicals, yesterday’s high of 0.84927 may offer some resistance ahead of Tuesday’s high of 0.85141. On the downside, yesterday’s low of 0.84209 forms our first support level ahead of the December 21st low of 0.84022.