Daily Technical Analysis

EUR/USD

Current level – 1.0961

The EUR/USD is currently retracing some of its recent gains, but as long as the pair holds above the support around 1.0963, the most probable scenario will be a move towards 1.1015. If this level is breached, further appreciation of the euro against the Greenback can be expected and we could see the pair trading near the highs from the end of March at around 1.1078. A move below 1.0963 could push the market into a range as bulls look to re-enter below 1.0900 and around the major support at 1.0886.

USD/JPY

Current level – 107.64

The negative move from yesterday was limited to the major support level at 107.37 as the bulls took back control and pushed the currency pair towards а test of the close resistance at 107.70. A successful breach of this level could strengthen the current positive sentiment and lead to a new attempt at the next resistance zone at 108.00, targeting the levels around 109.25 from April. However, if the bears aggressively re-enter the market and violate the aforementioned zone at 107.37, the USD/JPY could easily head towards the support levels at 106.80, followed by 106.45.

GBP/USD

Current level – 1.2210

The power of the buyers was not enough and the Cable lost some of yesterday’s gains. The price dropped towards the support level at 1.2235 and is now heading for a test of the lower one at 1.2176. If successful, this could easily pave the way for the GBP/USD towards the next support level at 1.2070 and increase the probability of future losses. In the upward direction, a move above the level at 1.2235 is possible, but only a successful breach of the resistance zone at 1.2298 will draw a more bullish picture for the GBP/USD.