EUR/USD
Current level – 1.2087
The pair is currently hovering above the 1.2082 support. If it gets breached, buyers may enjoy better entries in the zone between 1.1988 and 1.2040. If the lower border of that zone is reached, strong buying pressure is expected from the market, while the retracement will be headed towards its conclusion. The first zone of resistance is found between 1.2137 and 1.2174 and, if that zone gets cleared, this should pave the way towards the 1.2270 level. Today, the ECB’s interest rate decision (12:45 GMT) is expected to raise market volatility, however traders will also closely monitor the following press conference (13:30 GMT) in search of information that could hint at the central bank’s next moves.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.2137 | 1.2240 | 1.2082 | 1.1925 |
| 1.2174 | 1.2270 | 1.1988 | 1.1889 |
USD/JPY
Current level – 104.43
The support at 103.72 managed to hold off the bearish pressure and the pair has started to form a double bottom pattern, supported by market divergence. The resistance zones at 104.03 and at 104.25 are now cleared and the next target for the bulls would be 104.58. Expectations are for the buying pressure to gain traction and for the bulls to possibly charge 105.05. The resistance at 105.05 is coming from the higher time frames and substantial selling interest could be generated around that zone. This scenario can spark a more complex, multi-staged pullback. The market below 105.05 belongs to the sellers and, if they manage to hold onto that level, they might try to once more take out the support at 103.72.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 104.58 | 105.05 | 104.25 | 103.72 |
| 105.05 | 105.39 | 104.03 | 102.20 |
GBP/USD
Current level – 1.3363
The Cable is again trading in its previous range between 1.3290 and 1.3390. From a technical standpoint, the failed rally around 1.3500, followed by the fake top at 1.3460, suggest an upcoming trend turnover, with sell-offs accelerating towards the 1.3290 level and even towards 1.3190. On the other hand, if a major progress is reached in the negotiations between the UK and the EU, fundamentals could prevail over technical patterns and the resistance at 1.3500 could be cleared. Currently, investors seem hesitant as they await to gain more clues about the future of post-Brexit Britain.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.3390 | 1.3497 | 1.3291 | 1.3204 |
| 1.3483 | 1.3600 | 1.3204 | 1.3104 |
