EUR/USD
Current level – 1.2125
The resistance zone at around 1.2155 capped the gains of the currency pair. Despite that, expectations remain unchanged – for a renewal of the uptrend. The first daily support is found at around 1.2100 and the major one that is currently holding the retracement is located at 1.2060. Bears are not able to form lower local lows so far and the fundamentals are in favor of the buyers. This can enable the EUR/USD to break out of the range and head towards the resistance zone between 1.2155 and 1.2180. A breach above 1.2180 would confirm the bullish scenario and target a level of around 1.2240. Today, the news that would impact the market the most, is a series of PMI data for the Eurozone (09:00 GMT) and the U.S. ISM PMI (15:00 GMT). The major event for this week would be the U.S. non-farm payrolls and the unemployment rate data due this Friday at 13:30 GMT
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.2155 | 1.2240 | 1.2058 | 1.1800 |
| 1.2180 | 1.2273 | 1.1950 | 1.1600 |
USD/JPY
Current level – 104.69
The rally of the USD/JPY remained limited below the resistance at 104.85 and the pair managed to form a local support zone at 104.60. The gains seem fragile because of the general dollar weakness and because the downtrend coming from the higher time frames is still intact. The zone at around 104.85 could be of interest to the bears. If they enter the market, their first targets would be 104.20 or 103.80. A full retracement of the upswing and a breach of 103.65 could pave the way towards the zones at 101.00 or at 100.00. Should a breach above 104.85 occur, an increased bullish presence and a change in sentiment can be expected.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 104.58 | 105.50 | 104.60 | 103.80 |
| 105.00 | 106.00 | 104.20 | 103.65 |
GBP/USD
Current level – 1.3723
The sterling continues to trade in the range between 1.3630 and 1.3740, with prices leaning more and more towards the upper band of the zone. Expectations remain positive – for a new test and a breach of 1.3740. In this bullish scenario, a rally towards 1.3870 would be possible. The daily support sits at 1.3690 and the major one is unchanged at the lower band of the range – 1.3630. Today, positive PMI data for the UK (09:30 GMT) could improve bulls’ risk appetite and help them gain a foothold.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.3740 | 1.3870 | 1.3688 | 1.3540 |
| 1.3740 | 1.3850 | 1.3633 | 1.3460 |
