FXstreet.com (Barcelona) - February coming to an end and market remains highly volatile, with intraday movements correlated with shifts in sentiment and stocks markets direction. Wednesday, risk aversion regain it's dominant status, sending investors back to safe-haven dollar.
Dollar rebound sharply across the board, except against Japanese Yen, after heavy macroeconomic data that revived risk aversion. Both German and England GDP figures, released earlier in the European session, shown further contractions in these countries economies. But was the fall in U.S. existing home sales that accentuated the idea of no bottom for the economic issues.
EUR /USD - Euro remains bearish in bigger charts, but holding above the 1.2680/1.2700 zone. Due for an upside correction, consider resistances at 1.2760, followed by 1.2820 zone, and above 1.2855, and the zone around 1.2900. Supports under the mentioned congestion zone, will be at 1.2650 and 1.2618.
GBP/USD - Correcting the oversold state, the pair is quoting around 1.4260, and tending higher despite daily perspective remains bearish. Above 1.4286, the pair could retest 1.4315 and 1.4372 before resuming bearish trend. Break above 1.4400 will deny the bearish intraday perspective. Supports for the next hours will be at 1.4210, 1.4165, 1.4122 and 1.4090 zone.
USD /JPY - No changes in this pair, the bullish trend remains healthy. Above the 97.80 zone consider resistances at 98.28, 98.70 and 99.10. Over bough, short corrections will find support at 97.20, 96.81 and the zone around 96.55.