EUR/USD
Current level – 1.2177
The logistical chaos and restrictions on mobility in the EU because of the new mutation of the virus continue to weigh heavily on the euro. This helped the bears prevail and the support zone at 1.2206 could not hold the negative impulse. The price dropped and headed for a test of the major target at 1.2161. A successful breach of the aforementioned zone would easily lead to future losses for the EUR against the USD and would pave the way to the lower support level at 1.2084. At the time of writing, the most probable scenario is for a retracement towards the level of 1.2206, which is now acting as a resistance. If the push is successful, we should see an attack of the upper target at 1.2268. Today, investors would be keeping an eye on the initial jobless claims data (13:30 GMT) and the new home sales data (15:00 GMT).
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.2206 | 1.2430 | 1.2161 | 1.1989 |
| 1.2268 | 1.2500 | 1.2084 | 1.1926 |
USD/JPY
Current level – 103.48
The USD/JPY continues its struggle to breach the resistance zone at 103.72. After the unsuccessful test, the pair declined and, at the time of writing, the currency pair is holding positions around the nearby support level at 103.49. If the latter is breached, the way towards the next target at 103.27 will be paved which, if also breached, will increase the odds of a deeper sell-off. In the opposite direction, the main target for the bulls is still the aforementioned resistance zone at 103.72 and only a successful violation could lead to the development of a more bullish scenario and a test of the resistance at 104.03.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 103.72 | 104.25 | 103.49 | 103.01 |
| 104.03 | 104.58 | 102.27 | 101.10 |
GBP/USD
Current level – 1.3439
The sell-off was limited around the support level at 1.3315 and the Cable gained some ground during the early hours of today’s session. The GBP/USD is about to test the first resistance zone at 1.3399 and a successful breach of this level is the most probable scenario, especially if Brexit negotiations make some meaningful progress. This could easily lead to an attempt for a violation of the next target at 1.3497 and would strengthen the positive expectations for the future path of the currency pair. The first support can be found at the level of 1.3315, followed by the lower one at 1.3251.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.3399 | 1.3620 | 1.3315 | 1.3251 |
| 1.3497 | 1.3700 | 1.3251 | 1.3185 |
