EUR/USD
The pair finished the week higher after Eurozone leaders put forward plans that will permit the financial rescue fund to take advantage of new powers to prevent contagion and help Greece overcome its debt crisis. The move higher came in spite of somewhat mixed macro-economic data releases, as well as less than impressive demand for government debt sales.
In terms of technical levels, support levels are seen at the 21DMA line at 1.4283 and then at the 10DMA line at 1.4178. On the other hand, resistance levels are seen at 1.4400/40 and then at 1.4496.
In terms of technical levels, support levels are seen at the 21DMA line at 1.4283 and then at the 10DMA line at 1.4178. On the other hand, resistance levels are seen at 1.4400/40 and then at 1.4496.
GBP/USD
Despite the release of dovish BoE minutes from the most recent monetary policy meeting, the pair finished the week higher following renewed risk appetite as investors speculated that policy makers on both sides of the pond will put their differences aside and provide the much needed clarity on debt problems.
Finally, technical studies indicate that supports are seen at the 21DMA line at 1.6074 and then at 1.6069. On the other hand, resistance levels are noted at 1.6344 and then at the 61.8% Fibonacci retracement level of the 1.6747-1.5781 move.
Finally, technical studies indicate that supports are seen at the 21DMA line at 1.6074 and then at 1.6069. On the other hand, resistance levels are noted at 1.6344 and then at the 61.8% Fibonacci retracement level of the 1.6747-1.5781 move.
USD/JPY
Despite the renewed sense of optimism over the state of the peripheral Eurozone, the pair finished the week lower amid a weaker USD, which fell around 1.5% as policy makers in the US failed to agree to debt reduction plans. Of note, DPJ's Naoshima said that government efforts to counter JPY strength have been "inadequate".
In terms of technical levels, supports are seen at 78.22/00 and then at the historic low at 76.25. On the other hand, resistance levels are seen at 78.74, 79.03 and then at 79.32, which is also the Tenkan Line.
In terms of technical levels, supports are seen at 78.22/00 and then at the historic low at 76.25. On the other hand, resistance levels are seen at 78.74, 79.03 and then at 79.32, which is also the Tenkan Line.
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