This Morning the EUR/USD pair has risen to the 1.5118 level. European stocks are set to open firmer which will be helping to underpin the pairing. Technical resistances now at 1.5117 and 1.5144. Today, Cable has shown strength and is now currently up at around the 1.6714 mark. Technical resistances now at 1.6695/00 and then 1.6745/50, trailing support 1.6635. Below there comes 1.6600/05 and 1.6580. Not much in the way of UK data today. USD/JPY broke above the previous 87.50 high in early trade currently at the 87.83 level and has drifted higher rather than accelerated higher. The poor Japanese economic data helped to strengthen JPY bearish sentiment and the feeling is now that many players are again looking to use the JPY rather than the USD as the carry trade funding currency.
Due for release today is the GBP Services PMI, EUR Minimum Bid Rate, EUR ECB Press Conference, USD Unemployment Claims, Fed Chairman Bernanke Testifies on his nomination for a second term, ISM Non-Manufacturing PMI.
By Ultimate Forex Profits
