EUR/USD
Current level – 1.1318
The pair is currently retracing some of its gains and the move should remain limited above the support 1.1180. Optimism here is still prevailing and expectations are due for a second test of the resistance at 1.1500. A breach would define the end of the correction and would open the door for 1.1600 and even 1.2200 on a larger time frame. The inflation data expected from the U.S. later today (12:30 GMT) could possibly give prices the necessary push and restart the upward momentum.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.1380 | 1.1600 | 1.1180 | 1.1000 |
| 1.1500 | 1.1750 | 1.1100 | 1.0860 |
USD/JPY
Current level – 104.84
Yesterday the greenback restored some of its losses against the yen in hopes of a new fiscal stimuli by the US government. After all, there is still no major shift in market sentiment as the pair started the early hours of the Asian session on the back foot. New sell-offs are still on the table, with the nearest supports being at around 103.60 and 102.00. The high volatility is expected to persist as the risk of a global recession is still rattling the markets.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 105.50 | 108.50 | 103.60 | 101.20 |
| 106.80 | 110.00 | 102.00 | 97.80 |
GBP/USD
Current level – 1.2908
Bulls lost momentum and the pair tested the support zone at 1.2870. That’s a key level since its breach would leave the door for a move towards 1.2730 and 1.2500 wide open. Should bulls regain control of the price and re-enter the market, they would need to push above 1.32 in order to keep the rally intact. A series of production data coming from the UK (09:30 GMT) as well as autumn budget (11:30 GMT) will be monitored by traders today.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.3015 | 1.3200 | 1.2900 | 1.2750 |
| 1.3100 | 1.3520 | 1.2860 | 1.2530 |
