Daily Technical Analysis

EUR/USD

Current level – 1.1866

Yesterday, the pair did not manage to successfully violate the resistance at 1.1892 and, at the time of writing, the EUR/USD is holding steady above 1.1840. As the bulls are still in control, a new attempt to breach the aforementioned zone is the most probable scenario. If the previously mentioned resistance level of 1.1892 is violated, the rally will most probably head towards the next important level of 1.2010. Major support zone for the bears lies at 1.1839. The current positive market sentiment will change only with a breach of the 1.1798 level, which could lead to a deeper sell-off. Today, investors will be keeping an eye on the announcement of the Consumer price index data for the Eurozone at 10:00 GMT, which could spark some volatility.

USD/JPY

Current level – 104.48

The support around 104.85 was successfully breached and yesterday’s test acted as confirmation. In the early hours of today, the pair is hovering just above the support zone of 104.43. If the sell-off continues, bears might be able to take over the support zones of 104.43 and 104.18, targeting the lows at around the 103.20 level. A positive scenario for the pair, while less likely, could be possible if the USD/JPY cimbs above the resistance of 105.45.

GBP/USD

Current level – 1.3250

The Cable managed to breach the resistance zone at 1.3225 and, at the time of writing, the price is consolidating around the current level at 1.3250. A test of the next target at 1.3273 currently remains the most probable scenario. А successful violation of the aforementioned level will pave the way for the currency pair towards the resistance zone at 1.3309 and keep positive expectations intact. If bears re-enter the market, the first level of support for the pair will be 1.3225, followed by the one of 1.3170. Today, the main driving force behind the pair’s price action will yet again be the developments surrounding the continuing negotiations between the EU and the UK.