Fears seem to be easing in the markets, as Asian stock open positive for the first time in the week, and majors remain quite calm. But financial worries won't evaporate any time soon: Wednesday macroeconomic reports showed that in the U.S. home construction fell for a seventh straight month in January, falling a larger-than-expected 16.8%. Also, U.S. import prices declined for a sixth-straight month and industrial production and capacity utilization slid more than expected. Despite this, dollar hit multi week highs against both, Euro and Yen, given evidence of growing economic risk in Europe and Japan.
EUR /USD - Bearish in longer time frames over sold in smaller ones, bounce of the low remains limited while bearish pressure remains in place: break under 1.2510 will target next supports levels at 1.2460 and then 1.2410/20 zone. Above 1.2580/90, correction could extend to 1.2645.
GBP/USD - The pair seems to be consolidating after the latest drop out from the 1.5000 zone confirming there a bearish channel roof on daily basis. The pair needs to break under Wednesday low at 1.4092 and further, the 1.4050 zone, to accelerate to the downside, while only above 1.4340 the pair could recover some upside strength (intermediate resistance at 1.4280 zone).
USD /JPY - Quoting above the 93.50 zone, short term corrections should happen before further bullish acceleration in the pair to the key 94.60, neck of the daily double bottom figure the pair has been developing since January. 92.150/60 zone should contain downside corrections.