Daily Technical Analysis

EUR/USD

Current level – 1.1780

The bears gained the upper hand during the trading session from yesterday and the common European currency lost some ground against the U.S. dollar. The negative dip was limited around the support zone at 1.1754, where the price consolidated around the current level of 1.1780. A new and successful test of the support at 1.1754 could easily lead to further losses for the EUR and head the pair towards the next target of 1.1701. If the bulls re-enter the market, an attempt to breach the resistance zone at 1.1800 is a probable scenario, but a successful test of the next level at 1.1834 could strengthen the positive expectations for the future path of the currency pair and push it towards reaching the highs of around 1.1880 and 1.1902.

USD/JPY

Current level – 105.28

The bulls’ momentum was not enough to violate the high of 105.69 and the bears took control. At the time of writing, the price is about to test the support level at 105.33. If the negative breach is confirmed, this could easily pave the way for the currency pair towards reaching the lower target at 104.39 and lead to changes in the current market sentiments. In the positive direction, a new test and a successful breach of the resistance zone at 105.69 could lead to future gains for the USD against the JPY, leading the pair towards the next resistance zone at 105.75.

GBP/USD

Current level – 1.3213

The attempt to breach the resistance level at 1.3272 was not successful, but the Cable still holds its positions in the middle of the formed trading range between 1.3159 and 1.3272. The positive sentiments are still intact and a new test of the upper border is a highly probable scenario. A breach here could easily lead to a rally, targeting levels of around 1.3481. If the bears prevail, successful violation of the support zone at 1.3159 could deepen the corrective move and lead to the pair reaching the lower target of 1.3062.