Originally published by AxiTrader
EUR/USD is currently consolidating within a triangle pattern. Support at 1.1650 held, but the currency pair ran into strong resistance ahead of 1.19. Speculators have added to their euro long positions, and it is slowly getting crowded, which might be another reason it has lost some momentum. Techs remain positive overall, but in the short-term, we might see a further consolidation as traders are looking forward to the most important ECB meeting of this year.
EUR/GBP had a notable reversal following the failure at 0.93, but support ahead of the 200 DMA held and the uptrend remains intact. EUR/GBP found again decent support in the area between 0.8850 and 0.8880, and the charts suggest we might see a recovery in the near-term. Both fundamentals and techs point to a rally towards 0.90.
Meanwhile, EUR/JPY is sending mixed signals. Support at 131.70 held again, but it is looking increasingly fragile. Should risk appetite decrease, it is likely to break quite quickly. The next notable support area would then lie at 129.30-50.
