Daily Technical Analysis

EUR/USD

Current level – 1.1780

During the last trading session, the currency pair consolidated just above the support level of 1.1800. If the bears prevail and we witness a successful breach of the mentioned level, we can expect another test of the 1.1754 support level. If this level is overtaken by the bears as well, this could intensify the sell-off towards 1.1700. In a positive scenario in which the bullish sentiment is predominant, the main resistance would be the level of 1.1900. If it is violated, we can expect an attack of the next resistance of 1.2010 that comes from the higher time frames. The most significant economic news that could affect the U.S. dollar is the data for the U.S. producer price index (13:30 GMT).

USD/JPY

Current level – 104.87

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 – 1.3113

After the unsuccessful test of the resistance zone at 1.3272 and a fleeting trading session in the 1.3159 – 1.3272 zone, the currency pair managed to get out of the formed channel and went in a negative direction after the bearish sentiment for the Cable intensified. The next support and test for the bears is the 1.3062 level.