Earlier today, the euro moved lower against the greenback as worries over the situation in Greece (there is still no agreement on economic reforms for bailout funds between Greece and its euro zone partners and the International Monetary Fund, which fuels concerns that the country could be forced out of the euro zone) weighed n investors’ sentiment. As a result, EUR/USD slipped to Friday’s low. Will we see another test of the strength of the long-term support lines in the coming week?

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Yesterday, the U.S. Department of Labor reported that the initial jobless claims in the week ending April 11 increased by 12,000 to 294,000, missing analysts’ expectations for a drop by 2,000 to 280,000. Additionally, the U.S. Commerce Department showed that the number of building permits issued in March dropped by 5.7% , while U.S. housing starts rose by 2.0% in the previous month also missing expectations for an increase of 15.9%. Thanks to these disappointing numbers, the USD Index extended declines and dropped below 98, breaking below the medium-term support line. Did this drop change the short-term picture of the major currency pairs?

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Yesterday, the Bank of Canada left its monetary policy unchanged (the overnight cash rate at 0.75%), which in combination with a sharp increase in crude oil pushed the Canadian dollar higher against its U.S. counterpart. As a result, USD/CAD broke below important support levels, confirming a bearish formation. How low could the exchange rate go?

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Earlier today, the Westpac Banking Corporation showed that Australian consumer sentiment fell 3.2% in April, after a 1.2% decline in March. As a result, AUD/USD moved lower once again, approaching this week’s lows. Will we see further deterioration in the near future?

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Earlier today, the European statistics agency showed that industrial production rose by 1.1% in February, beating expectations for a 0.4% increase. Additionally, year-on-year, industrial production increased by 1.6% in February from a year earlier, also beating forecast for a 0.7% gain. Will these positive numbers encourage currency bulls to act?

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