Euro Under Pressure Against Greenback
Emre Karaoglu | Jan 22, 2019 03:02AM ET
1. U.K. Unemployment Rate - The U.K. Unemployment Rate will be important for sterling today. It is expected to stay at 4.1% in November, the same as the previous reading. A higher than expected reading should be taken as negative for the Sterling
2. German ZEW Surveys - German ZEW Expectation survey will also be followed closely by the market today and it is expected to decline to -18.4, which is lower than the previous reading of -17.5.
3. U.S. Existing-Home Sales Coming - Existing Home Sales measure monthly sales of previously owned single-family homes and is expected to fall by -1.2% m/m in December. If the data post a weak performance as indicated by consensus estimate, it would be negative for US Dollar.
h3 Technical Analysis/h3 h3 EUR/USD/h3The euro is under pressure against the greenback. As long as the EUR/USD pair stays below 1.1367, on a daily basis, the selling pressure is most likely dominate. At this point, we will see 1.1262 as a support level. On the other hand, if the pair moves up above 1.1367, the next resistance level can be found at 1.1446 again
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Support: 1.1262 – 1.1188 - 1.1122
Resistance: 1.1367 – 1.1446 - 1.1531
The GBP/USD pair showed an upward reaction from the key level of 1.2844. In the event that the rise continues, we will see 1.2916 and 1.2961 as resistance levels. On the other hand, if the price falls below 1.2844, the next support level will be at 1.2712.
Support: 1.2844 - 1.2712 - 1.2624
Resistance: 1.2916 - 1.2961 - 1.3007
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The Japanese yen, safe-haven currency, rose versus the U.S. dollar in the Asian Session. The USD/JPY pair dropped towards the 109.35 daily support level. However, as long as the USD/JPY pair stays above 109.35 on a daily basis, the fall may be limited and we will see the key resistance levels at 109.90 again. Although, if the currency breaks down below 109.35, the next support level is holding at 108.78.
Support: 109.35 - 108.78 - 107.65
Resistance: 109.90 - 110.15 - 110.61
The Gold Price showed a downward movement yesterday. The daily support level of 1276 is critical for the yellow metal. As long as the price stays above 1276 on a daily basis, the bearish action may be limited and we will see the key resistance levels at 1283 again. Although, if the price breaks down below 1276, the next support level is can be seen at 1272.
Support : 1276 - 1272 - 1265
Resistance : 1283 - 1291 - 1307
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