Daily Technical Analysis

EUR/USD

Current level – 1.1712

Throughout the past week sellers dominated the market and the pair closed in the red. The support at 1.1746 was broken and its violation was confirmed after the test of the level in question, which now acts as a resistance. At the time of writing, the market is near the support at 1.1700 and this level could be broken if there are signs of weak buyer presence and lack of new attempts to test 1.1746. First minor support for the pair is 1.1676 and, if the bearish pressure is strong, the potential target would be the low around 1.1615. Today, there is no major economic data coming out, however volatility could spike around the statements of FED Chairman Jerome Powell (12:00 GMT) and ECB President Christine Lagarde (12:45 GMT).

USD/JPY

Current level – 105.35

For USD/JPY the scenario for trend reversal is still valid as the resistance zone between 105.38 and 105.51 was tested and the breach is now confirmed. Bears are showing weakness around the first major support zone at 105.00. If sellers fail to take over 105.00 once again, a deeper pullback towards 105.51 and 105.77 can be expected.

GBP/USD

Current level – 1.2932

The Sterling also ended the week with losses against the Greenback, while the sell-offs were limited by the support at 1.2890. For the moment, the market doesn’t have a clear direction, however the fact that buyers were missing on the second attempt at 1.2890 is giving bears a slight edge. Any pullbacks should remain limited below the resistance at 1.2990. If 1.2890 is violated, the next important support is 1.2830.