FXstreet.com (Barcelona) - In a quiet Asian session, both European majors remain range bound, after failure to reach the 1.3700 Euro and 1.4500 the Gbp. While the U.S. has shock the currency markets with last FED minutes, ECB council member Axel Weber said the bank is poised to lower interest rates further to counter the worst recession since World War II in Europe. Rates are at 1.5 percent in the euro area and heading down, Weber said at a German Marshall Fund conference in Brussels today. We have room to maneuver. We are using the room that we have to maneuver.

In the U.S., the Obama administration will outline the regulatory changes aimed to avoid future financial crisis like current that has deeply harmed the banking system and pushed the U.S. into the deepest recession since 1982.

EUR /USD - the pair remains in a small descendant channel clear in 4 hours charts since past Friday, forming sort of a continuation flag. The pair needs to break the roof, around 1.3710, to gain bullish momentum. Previous there consider resistance at the 1.3666 zone. If 1.3710 is finally confirmed, next resistances will come at 1.3735 and 1.3770 zone. Under 1.3610, supports will be at 1.3580, 1.3533 and 1.3492 base of the mentioned flag. Corrections are likely due to the daily overbought state the pair has.

GBP/USD - The pair remains slightly bullish in 4 hours charts, yet will need to break above 1.4510 to gain some upside momentum. Next resistances will be at 1.4560 zone, followed by 1.4600 and above 1.4660. Under 1.4440, the pair could extend downside movements to 1.4394 zone, followed by 1.4358 and 1.4310.

USD/JPY - Regaining bullish momentum, the pair is now above the 96.00 key level, and fighting the 20 SMA in 4 hours charts that still remains clearly pointing to the downside. However, indicators suggest further upside bias for the pair so, consider resistances at 96.20, 96.60 and 97.06. Supports will be at 95.80, the key zone around 95.50 and finally 95.20.