The EUR/USD staged a moderate downward correction since our last weekly outlook. The pair has found some support at the 1.3170 area and above the 200 SMA on the daily chart. Later this week, the ECB rate decision will be released and can set the pair’s direction for the near future. Minor resistance lies at 1.33, followed by the 1.3420 area, which is a very strong resistance.
GBP / USD
The GBP/USD, which performed exactly as we expected, fell to retest the 1.5410 strong support, (former resistance). This point was, as we mentioned, a great buying opportunity. The pair has now returned to its uptrend, and found minor resistance at the 1.5580 area. Very strong resistance lies at 1.5720, and the BOE rate announcement later this week can trigger a break above it.
USD / JPY
The USD/JPY broke above its triangular pattern which, as we mentioned last week, represented a great trading opportunity. We can expect it now to reach its previous high at the 103.30 area.
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