Daily Technical Analysis

EUR/USD

Current level – 1.2167

During yesterday’s trading session, the single European currency appreciated against the U.S. dollar and breached the important resistance at 1.2148. The expectations, therefore, are for the upward movement to continue and for the currency pair to target the next resistance at 1.2219. In the opposite direction, if the pair tests the support level at 1.2114, the move should be considered as a corrective one. The latter would give the bulls better opportunities to enter the market and would increase the value of the euro against the dollar. Today, investors’ attention will be focused on the consumer confidence data for the U.S. that will be published at 14:00 GMT.

USD/JPY

Current level – 104.98

At the time of writing this analysis, the currency pair is testing the support at 104.89 after previously breaching the critical support level at 105.30. The expectations for today’s trading session are for this support to be breached and for the pair to move towards the next support at 104.54. However, if the level at 104.89 manages to hold, the USD/JPY could enter a consolidation phase in the range between 104.89-105.30.

GBP/USD

Current level – 1.4070

The sterling continues to appreciate against the greenback and, at the time of writing, the pairis testing the resistance at 1.4083. The market sentiment remains positive – for a continuation of the upward movement and for a move towards the next resistance at 1.4140. In case the GBP/USD does not manage to surpass this level, then the most probable scenario could become a corrective move towards the support at 1.3949.