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Daily Technical Analysis

EUR/USD

Current level – 1.1831

Buyers seem to be losing strength around 1.1845, however the lack of new, lower lows shows that sellers are not ready to take the initiative either. The expectations remain bullish and first support can be expected around 1.1800. The higher time frame support which can be considered as more reliable is at 1.1720. Bears might make one last attempt and, if they fail to push to lower lows, a potential scenario could be the formation of a small range around 1.1845, followed by a breakout with target around the resistance at 1.1945. Today, we are expecting a busy economic calendar with the US GDP and initial jobless claims to be announced at 12:30 GMT. The news is followed by an announcement of the chairman of the Federal Reserve at 13:10 GMT. There might be a spike in volatility and the news could be the needed catalyst for the market to find direction.

Resistance Support
intraday intraweek intraday intraweek
1.1845 1.1960 1.1800 1.1580
1.1900 1.2080 1.1720 1.1460

USD/JPY

Current level – 106.01

Bulls met serious resistance around 106.40-106.50. US dollar losses are expected to continue as the potential target for the bears is around 105.45. As long as the pair is trading below 107.20, bearish sentiment is expected to prevail.

Resistance Support
intraday intraweek intraday intraweek
106.41 106.93 105.72 105.18
106.93 107.50 105.45 104.20

GBP/USD

Current level – 1.3201

Since the beginning of the month, the pair has been trading horizontally between 1.3000 and 1.3250. The dollar weakness could assist the sterling to reach new highs, however it looks like a catalyst for a move in either way is needed. Today’s news, mentioned in the analysis for EUR/USD, could be the needed spark. Bulls can expect first support around 1.3130, and the more reliable one is the bottom of the range at 1.3000. If there is a breach of 1.3250, it’s desirable for prices to remain above it, otherwise a faker could give the bears a chance for a larger sell-off. If bulls succeed, the next resistance zones are at 1.3350 and 1.3510.

Resistance Support
intraday intraweek intraday intraweek
1.3250 1.3350 1.3130 1.3000
1.3250 1.3510 1.3080 1.2950

DeltaStock Inc.
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These analyses are for information purposes only. They DO NOT post a BUY or SELL recommendation for any of the financial instruments herein analyzed. The information is obtained from generally accessible data sources. The forecasts made are based on technical analysis. However, Delta Stock’s Analyst Dept. also takes into consideration a number of fundamental and macroeconomic factors, which we believe impact the price moves of the observed instruments. Delta Stock Inc. assumes no responsibility for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person's reliance upon the information on this page. Delta Stock Inc. shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation, losses or unrealized gains that may result. Any information is subject to change without notice.

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