EURUSD
EURUSD opened at 1.3830 this morning supported from the optimistic outlook of the European markets. The high was at 1.3860 creating a resistance which can lead to the 1.3960 level which is the 200 day Moving Average, Support levels at 1.3800 and 1.3700. European debt crisis concerns have dimmed and the are even expectations for hawkish interest rates by the European Central Bank. Trading volumes are expected to remain low due the Lunar New Year in China. No important new from the Eurozone later on today.
USDJPY
USDJPY rose an early high at 81.59 trading on a small range between 81.37 and 81.59 due the Lunar Year. The resistance level is at 82.00 with the next step at 83.00 while the support remains at 81.30 after yesterdays downtrend. No important news today in Japan.
GBPUSD
GBPUSD rose on a 10 week high during this morning at 1.6177 with the resistance at 1.6270. Support levels at 1.6100 and 1.6000. Low volatility is expected in the market due to the Chinese Luna Year. Construction PMI results to be announced at 09:30 GMT with some investors being interested at the 13:15 ADP Non-Farm Employment Change in the US. All attention to tomorrow’s Services PMI results at 09:30 GMT.
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