The EUR/USD continues to fall for the third consecutive day. The major liquidity injection by the ECB is the most obvious catalyst for euro weakness as we see the single currency losing grounds against it's risky counterparts and the U.S dollar.

The pair opened the day at 1.3309, followed by a steady selloff that is currently pushing the price towards sessnion lows at 1.3205. Examining price action from a technical perspective; there is a clear reason for the selloff, as the pair printed a double top formation -below 1.3500 major level- over the four-hour time frame, the pattern was completed by breaching its neckline around 1.3360-1.3370 and the ideal target was acquired today at 1.3220, however the pair looks like testing the main next potential support at 1.3185, where we expect to see demand for the single currency again.

The GBP/USD took a harsh hit as well today, the pair is currently down around 100 pips , where it failed to settle above 1.5925 key level , currently trading at 1.5855. The pair failed to settle below the 200-days SMA as well, indicating that we may see a renewed downside pressure on the pair within the upcoming period, eyeing 1.5650 major support and 50-days SMA once more, however we should watch today's closing.

After the strength we've seen lately, the Canadian dollar is currently fluctuating after the GDP release, the number showed the Canadian economy growth pace slowed down dramatically during the 4th quarter of 2011 to 1.7% from 4.7% however it came in line with market expectations. The monthly rate ticked 0.1 higher from markets expectations, printing a 0.4% expansion. The pair is currently hesitant, trading around 0.9865 and below the key breached support level which turns into resistance up to 0.9880-0.9900. so long as trading holds below this resistance today, we will look for further downside targets towards the next obvious support at 0.9775 next week.

The recent pullback we have seen on the USD/JPY pair was a mere correction as we mentioned previously, the pair has resumed the bullish attempts currently testing the highs once more at 81.65. We look for continuation to higher levels if 81.65 was taken eyeing 82.25 as the first seen target, followed by 82.85 swing high. Major downside support levels to watch for next week start at 80.80 and 80.00.

The ongoing jitters in oil markets, and speculations over the ongoing political tensions pushed oil prices to test 110.00 mark yesterday. Concerns have increased that at the current levels; the sustainability of global economic growth could be threatened, as further upside for the black gold shall hurt and may halt the slight expansion we have seen lately. We look at 110.00 as the major barrier for oil prices within the upcoming period, where we may see a period of range trading among 103.00-110.00.

A breach above 110.00 will clear the way to 115.00 easily. While under the current political conditions we do not see oil below 103.00 any soon.