Daily FX Analysis - EUR/USD, GBP/USD, USD/JPY - Capital Street FX

 

Introduction

EUR/USD holds firm around 1.0900 in the Asian session, retracing slightly from its six-week peak of 1.0915 after dovish comments by Fed Chair Jerome Powell. The pair breached the crucial 1.0900 level, reaching multi-week highs amid increased selling pressure on the US Dollar. Meanwhile, GBP/USD maintains strength below 1.2750, buoyed by a weakened US Dollar and positive news from the UK Spring Budget. Japanese Yen rallies to 148.00 against USD as Bank of Japan officials raise rate hike expectations, while USD/CHF hovers above 0.8800, influenced by speculation of a Fed rate cut in June.

Markets In Focus Today – EUR/USD

EUR/USD Holds Steady Near 1.0900 Ahead Of The ECB Interest Rate Decision.

EUR/USD remains steady around 1.0900 during the Asian session on Thursday, retracing slightly from its six-week high of 1.0915 reached in the prior session following dovish remarks by Fed Chair Jerome Powell during his testimony before the House Financial Services Committee. Finally, EUR/USD managed to surpass the key 1.0900 barrier, advancing to multi-week tops on the back of heightened selling pressure hurting the US Dollar, particularly after discouraging prints from the ADP report and the lack of surprises from Fed Powell’s testimony. Meanwhile, the USD Index (DXY) retreated for the fourth session in a row, this time hovering over five-week lows in the low-103.00s and accompanied by further losses in US yields, always against the backdrop of steady speculation of a Fed’s rate cut in June.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 1.0854 | Positive Crossover | Bullish
  • MA 20 : 1.0837 | Positive Crossover | Bullish
  • MA 50 : 1.0840 | Positive Crossover | Bullish

Simple :

  • MA 10 : 1.0850 | Positive Crossover | Bullish
  • MA 20 : 1.0813 | Positive Crossover | Bullish
  • MA 50 : 1.0857 | Positive Crossover | Bullish

RSI (Relative Strength Index): 62.2448 | Buy Zone | Bullish

Stochastic   Oscillator : 87.0188 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 1.0876 R2 : 1.0924
  • S1 : 1.0722 S2 : 1.0674

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Stop Buy: 1.0909 | Take Profit: 1.0985 | Stop Loss: 1.0866

GBP/USD

GBP/USD Trades On A Stronger Note Below 1.2750 On A Weaker US Dollar, UK’s Budget.


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