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Prospects for EUR/USD, USD/JPY, GBP/USD

Monday (April 2) the European market trading, the euro (1.2257, 0.0018, 0.15%) / dollar higher volatility, rose as high as 1.2332; pound (1.4017, 0.0017, 0.12%) / US dollar continued to rise, the highest rebound to 1.4070; USD/JPY was traded above the 106 mark.

For the latest trend analysis of EUR/USD, GBP/USD, and USD/JPY, look at the latest report from the market. It is suggested that in the Easter holiday today, the European stock market is closed and the US stock market is normally open.

About the euro: Analysts pointed out that the dollar rally has weighed on the euro in the past week, but for now, the dollar bull has not yet been confirmed. EUR/USD is in the middle of the consolidation range. If it falls below the bottom of the range, it will increase the room for the exchange rate to fall.

Technically, the technical indicators on the daily chart and the 4-hour chart suggest that the exchange rate is bearish. Support is at 1.2290, then at 1.2250 and 1.2210; up resistance is at 1.2335, and 1.2370 and 1.2415!

The heaviest this week is Friday's non-agricultural non-agriculture, and Fed Chairman Powell of the early hours of Beijing time on Saturday morning. In Europe, the euro zone March CPI will be announced on Wednesday; the eurozone manufacturing PMI will be announced on Tuesday.

About GBP: Analysts pointed out that GBP/USD continues to gain some support at the key psychological level of 1.40 and is currently trying to rebound. However, despite the upside, the exchange rate is still within the trading range of last Friday and the holiday season is light.

Technically, the exchange rate fell below the bottom of the short-term uptrend channel last week, confirming the break, and still face further downside risks in the short term. A break below 1.40 will strengthen the negative outlook, and the exchange rate will accelerate towards 1.3900 with short-term support at 1.3960.

If the break above 1.4060 the exchange rate will rise to 1.4100, if broken will be blocked near the uptrend channel 1.4120-30.

About the yen: Analysts pointed out that the market was light, USD/JPY was trading within the narrow range of 106.19-41, and the buying target was at 106.00, and there was a sell at 106.50.
Technically, the downtrend 55-hour moving average is at 106.36, the 100-hour moving average is at 106.15, and the 55-day moving average has a strong resistance above the 107.57.

Forex news site Dailyfx said from the Elliott wave theory point of view, the dollar rebounded to promote the formation of wave form, due to the wave 5 extended gains, the dollar fell situation is normal, as long as the exchange rate hold above 104.63, the future may reverse upward, to look 108.