US Dollar strengthening in very low market volatility against the main currencies and now trading at 1.3130 against the Euro, at 1.5460 against the sterling and at 83.70 against the Japanese Yen. Instability of the euro-zone (Ireland, Greece, Portugal, Spain possible credit cut and a bailout) encouraging new but short USD purchases while a new faith in US economy reinforcing traders moves. Traders will focus today on a release of a Bank of England Minutes for December at 09:30 GMT - expecting to hear some new updates about inflation and recession worries and bank plan for the restraining this situation. Non clear statements might hurt cable and support new bids against USD and a EUR. US economic calendar data will take a place at 13:30 GMT with notification from the housing market and Gross Domestic Product Price Index. Later at 15:00 GMT Crude Oil Inventories should show a decline in stocks while stronger cut might bring oil to trade and to remain above 90$ level.
Technical Levels
EUR/USD
Hourly studies start to show correction signals while RSI is pointing up and MACD has bullish momentum at negative levels. This is showing that the main trend is still up but a correction might take a place very soon. Strong support remains at 1.3090.
USD/JPY
Pair is still trading in range while all the studies are neutral. Sell a failure of 1.8415 and stronger a failure of 84.50.
GBP/USD
Technical studies also suggesting bearish extension. The daily studies are bearish but hourly’s at oversold levels suggesting bullish correction. Buy at failure of 1.5420.
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