FXstreet.com (Barcelona) - Majors spent past two sessions in tight ranges, despite US economic news were generally positive with data showing that both housing starts and building permits surged in February to 583K and 547K, respectively. This triggered a strong rally in stocks that close 2.5% up, but Tuesday nor Euro nor Gbp follow Wall Street with past days strength. The Euro consolidated its recent gains against the US dollar, holding in a tight range between 1.2950 - 1.3030, while Gbp remains the weaker currency of the board and barely move 100 pips from high to low, probably ahead of tomorrow's BOE minutes: if it is more bearish than previous or if some members indicated that they were open to cutting rates to zero, the news could push the Pound back to the downside in the next days. Sentiment has still not improved enough to made investors lost the cautious tone.
EUR /USD - The pair entered the Asian session holding around the 1.3030 zone. 4 hours charts remain pointing for further upside bias, as price remains holding above the 200 EMA. Indicators are quiet flat after the range we have been seeing in the pair, so only above 1.3071, Monday's high, the pair could gain some momentum with next resistances at 1.3110/20 and 1.3165 zone. Under 1.3000, consider supports at 1.2957 and 1.2920 zone.
GBP/USD - Quoting around 1.4060, the pair maintains the bearish tone in daily and 4 hours charts. Clear break under 1.4000 and better under 1.3960 will again send the pair close to retest 30 years low around 1.3500 zone. For the next hours, resistances will be at 1.4090, 1.4135 a daily descendant trend line, and above 1.4172. Consider supports at 1.4000/10, 1.3965 and 1.3913.
USD/JPY - The pair is just above the 98.60 level, yet also consolidating in a tight range. Slightly bullish, above 98.98 Tuesday high, the pair will find resistances at 99.30 and 99.67 ahead of the key 100.00 level. Supports form actual price will be at 98.50, 98.16 and 97.70.