Forex Technical Analysis: EUR/USD, USD/JPY, GBP/USD

EUR/USD

Current level – 1.1116

The EUR/USD continues trading near the lower border of the formed range between the resistance level at 1.1170 and the support zone 1.1109. A breach downward could deepen the correction and pave the way of the price to the next support at 1.1066. If the support holds, buyers could take control and push the price for a test of the resistances at 1.1170 and 1.1200. Success could confirm the positive expectation for a reversal of the negative trend for the currency pair from the bigger time frames. Today there are no news from the eurozone, however GDP numbers from the US (13:30 GMT) could create some volatility before the end of the last full trading week of the year.

USD/JPY

Current level – 109.29

The downward move of USD/JPY hit a hurdle against the support level at 109.20. Another attempt and breach of 109.20 on the bearish side here could pave the way for the next supports at 108.90 and 108.42. In the positive direction, overcoming the resistance at 109.70 could help the bulls continue with forming a positive trend

GBP/USD

Current level – 1.3010

The currency pair continues to lose ground against the US dollar, sliding deeper under the support at 1.3099 and headed to the target at 1.2970. A breach through this level could lead to a test of the next support at 1.2821 and could be sign for further negative moves for the Cable. If the bears lose momentum, the bulls can take control and try to bring back the price to the levels from the beginning of the week towards the resistance zone at 1.3099 and test of the next level at 1.3174. Here a successful breach would confirm a positive momentum for GBP/USD.