Daily Technical Analysis

EUR/USD

Current level – 1.0809

The consolidation phase continues around the 1.0830 area, as this level represents the first major resistance. If the pair breaks above the aforementioned levels, we’ll probably see the EUR/USD go for a test of the next resistance level at 1.0965. Currently, the main driving force remain developments along the coronavirus pandemic and the stimuli from central banks and governments around the world. In a downward direction, the first major resistance is the level at 1.0650.

USD/JPY

Current level – 110.92

The tug of war between bulls and bears continues as the currency pair keeps trading in the narrow 109.94-111.35 range. After the lower boundary of the range held during the last session and the bulls took advantage, the sentiment remains positive – for a rise of the dollar against the Japanese yen and a test of the resistance level at 111.35. A successful breakthrough at this level would lead to a test of the next resistance at 112.20. The main support remains the 109.94 level.

GBP/USD

Current level – 1.1805

After the staggering sell-off from the past two weeks, the appreciation of the dollar and reaching levels of 1.1480 against the greenback – last seen in 1985, the pound managed to regain some of its lost positions since the beginning of the week. Despite that, expectations are for the first major resistance in the 1.2000 to withstand the bullish momentum and, due to the aggravation of the coronavirus situation, we can even see new lows in the near future.