Today, we got some soft GDP data out of the Euro Area, but this did not seem to affect the EUR/USD that much. US data was light, with jobless claims slightly higher than expectations, but still giving us a decent print. Let’s take a look at the EURUSD, GBP/USD, and USD/JPY charts.
The EUR/USD remained in consolidation above 1.333 and below 1.3444 and is forming a descending triangle. The downside risk remains toward the Nov. 2013 lows in the 1.3295-1.33 area. The GBP/USD fell sharply after yesterday’s UK jobs data and BoE quarterly inflation report. It is now testing the 200-day SMA, and we can expected at least an intra-session, limited consolidation. Finally, the USD/JPY has been drifting higher this week, and if we see a dip and a hold above 102, we can be more confident of the bullish outlook toward 103, then toward the March-April highs in the 103.75-104 area.
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