With no major news releases scheduled for today, and no Greek problems over the weekend, volatility has been minimal in early morning trading. As such, at GFC Markets we expect Forex traders to pay most of their attention to technical trading conditions.
The EURUSD briefly traded above 1.3650 today. Traders will be watching this area, as it was its high from Thursday, before the US FED news was released. If the EURUSD can traded above this level it may be able to gather momentum to the 1.3750 level.
EURUSD Support/Resistance 1.3440/1.3655
Regarding the GBUSD, it has been struggling to trade above 1.5500 this morning. A protracted move higher may be difficult for the GBPUSD, as it has lots of downward momentum following last week's drop from 1.5800 to 1.5350.
GBPUSD Support/Resistance 1.5350/1.5500
Looking at the USDJPY, trading is keyed around the 92.00/92.10 level where there is reported to be heavy sellers that may keep it from advancing further. Nonetheless, even with resistance at the 92.00 area, the pair has held up well, as it appears buyers are stepping in to provide a backstop around 91.50. Therefore, we may see range bound trading in USDJPY as it is surrounded by heavy barriers.
USDJPY Support/Resistance 91.50/92.10