The Euro has resumed its upward movement against the dollar

EUR/USD

Range: 1.4638 – 1.4715

Support: 1.4640

Resistance: 1.4720

The Euro has resumed its upward movement against the dollar after losing some ground after finding resistance in the 1.4710 area. The EUR/USD began the day at 1.4642 and peaked at 1.4712 before a corrective move into the 1.4670 zone. The pair has since recovered more than 25 pips from the 1.4663. This price action comes ahead of today’s Fed meeting and in the midst of general Greenback weakness.

GBP/USD

Range: 1.6444 – 1.6523

Support: 1.6430

Resistance: 1.6530

Pound’s retreat from 1.6600 high last week, found support yesterday at 1.6430, and the pair picked up on US session, supported by improving risk appetite, to consolidate around 1.6500 during Asian session, and pullback to day lows below 1.6470 ahead of London opening. On the downside, below 1.6470, the pair might find support at 1.6430 and 1.6385. On the upside above 1.6520/30, the pair might find resistance at 1.6550/65 and 1.6600.

USD/JPY

Range: 81.27 – 81.91

Support: 81.25

Resistance: 81.95

Dollar’s rejection from 82.45 on Monday, extended to a fresh one-month low at 81.25 on early Asian session, were the pair found support, to bounce up, regaining lost ground and reaching 81.85 day high ahead of the European session opening. On the upside, immediate resistance lies at 81.95 and above here, 82.40/83.10. On the downside, support levels lie at 81.25 and below here, 80.70/80.45.

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