Daily Technical Analysis

EUR/USD

Current level – 1.2072

For the second week in a row, the euro continues to lose its value in favor of the dollar, reaching the key support zone at 1.2060-80 in the first hours of today’s trading session. For the time being, the forecast is for this support to remain unbreached and for the pair to move into a consolidation phase. The first important resistance is the level of 1.2141. This week, investors’ attention will be drawn to the European Central Bank’s interest rate decision (Thursday; 14:45 EET).

USD/JPY

Current level – 103.73

After failing to breach and stay above the important resistance at 104.73, the currency pair went into a consolidation phase and, in the last few trading sessions, it has been trading in a narrow range. The current expectations are for a downward movement and a test of the key support at 102.69. This week, investors will be closely following the Bank of Japan’s interest rate decision scheduled for this Thursday.

GBP/USD

Current level – 1.3570

Last week, the currency pair tested the key resistance at 1.3700, but once more failed to breach it. This was followed by a corrective move and the pair is currently found at the 1.3570 level. The downtrend is expected to continue and the first important support at 1.3440 is to be tested and breached. The first important resistance is the level of 1.3620.