Daily Technical Analysis

EUR/USD

Current level – 1.2151

The breach of the support level at 1.2141 was not confirmed and the euro regained some ground, holding around the current level of 1.2151. Only a successful violation of the aforementioned support can pave the way towards the next target at 1.2080 and strengthen the short-term negative expectations for the future path of the EUR/USD. In the positive direction, the first resistance can be found at the level of 1.2226. If the bulls manage to successfully breach it, the pair will probably head towards a test of the next level at 1.2270.

USD/JPY

Current level – 103.74

The bullish momentum was not strong enough for a successful breach of the resistance zone at 104.36 and the bears prevailed. The drop was limited around the support zone at 103.76, but if the bearish pressure persists, a successful violation of the aforementioned zone is the most probable scenario. This could deepen the sell-off and lead the pair towards a test of the lower target at 103.49. If the bulls re-enter the market, their first target would be a new attack of the resistance zone at 104.03 which, if successfully violated, could pave the way towards the local highs at around 104.25.

GBP/USD

Current level – 1.3676

The positive sentiment is intact and, at the time of writing the analysis, the GBP/USD is trading just under the major resistance zone at 1.3700. An attempt for a violation of the aforementioned level is expected, but only a successful breach here could lead to new gains of the GBP against the USD and a strengthening of the positive expectations for the future path of the Cable. If the resistance zone holds, the decline should be limited around the support zone at 1.3560.