U.S. Dollar Is Flat At The Start Of The Week: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Index Attempts To Settle Below 106.80

U.S. Dollar Index is mostly flat in quiet trading as traders are waiting for catalysts.

U.S. Dollar Index continues its attempts to settle below the support at 106.80 – 107.00. If U.S. Dollar Index manages to settle below the 106.80 level, it will move towards the next support level, which is located in the 105.50 – 105.70 range.

EUR/USD Moved Away From Recent Highs Amid Profit-Taking

EUR/USD is losing some ground as traders take profits after the recent rebound. From the technical point of view, EUR/USD needs to settle above the resistance at 1.0515 – 1.0530 to gain additional upside momentum.

In case EUR/USD climbs above the 1.0530 level, it will head towards the next resistance level at 1.0630 – 1.0645.

GBP/USD Tests Resistance At 1.2600 – 1.2615

GBP/USD is trying to settle above the resistance at 1.2600 – 1.2615 as traders bet on the continuation of the rally.

A successful test of the resistance at 1.2600 – 1.2615 will push GBP/USD towards the next resistance level, which is located in the 1.2715 – 1.2730 range. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

USD/CAD Is Stuck Near The Support At 1.4180 – 1.4200

USD/CAD is mostly flat amid lack of strong catalysts. Other commodity-related currencies are moving higher in today’s trading session.

In case USD/CAD settles back above the support level at 1.4180 – 1.4200, it will move towards the 50 MA at 1.4277. A move above the 50 MA will push USD/CAD towards the resistance level at 1.4330 – 1.4350.

USD/JPY Is Losing Ground As Japan’s GDP Growth Rate Jumps To +0.7%

USD/JPY is moving lower as traders focus on the better-than-expected GDP Growth Rate report from Japan. The report showed that GDP Growth Rate was +0.7% in the fourth quarter, compared to analyst forecast of +0.3%.

If USD/JPY settles below the support level at 151.50 – 152.00, it will move towards the next support at 149.00 – 149.50.

For a look at all of today’s economic events, check out our economic calendar.