Daily Technical Analysis

EUR/USD

Current level – 1.1851

The euro started the week with new losses and sell-offs are currently limited by the support at around 1.1835, which is coming from the higher time frames. If the bulls decide to return to the market around this support, a significant pullback could be observed. The first resistance for the bulls is the area at around 1.1905, while a more significant one can be considered the level of 1.2053. Should the bears continue to apply pressure, the market may further decline towards the next support at around 1.1750.

USD/JPY

Current level – 109.20

The dollar continues its impressive rally against the yen and, at the present moment, the bears are nowhere to be seen. The rally has already violated several resistances without ever slowing down. Although the market seems overbought and stretched out, the impulse may continue towards the resistance at 109.65. Around this area, bears may show interest and price retracement may be observed. The lack of distinguished supports on the way up implies deep and aggressive pullbacks. Market volatility is expected to remain high.

GBP/USD

Current level – 1.3830

The sterling is also experiencing difficulties against the Greenback. Prices managed to find support at around 1.3800, but if this sell-off persists, the next zone between 1.3730 and 1.3640 might get tested. The main uptrend is not yet violated and the current declines might be seen as a pullback and an opportunity for the bulls to buy the dip. The first local resistance for the buyers is 1.3850, followed by the major one at 1.3900.