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Daily Technical Analysis

EUR/USD

Current level – 1.1788

The depreciation of the single European currency against the U.S. dollar is not over yet, although the bears failed to gain enough momentum during the last trading session and the buyers managed to limit the sell-off slightly above the support level at 1.1751. It is possible to witness a move in the positive direction, however, the sentiment is still negative and the bulls should be kept below the key resistance level at 1.1835. This week, investors will focus on the ADP non-farm employment change data for the U.S. (Wednesday; 13:15 GMT), as well as on the announcement of the unemployment rate data (Friday; 13:30 GMT) and the non-farm payrolls change data for the U.S. (again on Friday from 13:30 GMT).

Resistance Support
intraday intraweek intraday intraweek
1.1835 1.1967 1.1750 1.1709
1.1905 1.2100 1.1750 1.1600

USD/JPY

Current level – 109.48

After the currency pair reached values, last recorded in early June last year, it is possible to witness a corrective move and a test of the first major support at 109.20. A successful breach of the mentioned level may provoke a deeper sell-off and a test of the next important support area at 108.32.

Resistance Support
intraday intraweek intraday intraweek
109.82 110.80 109.20 106.92
110.80 111.70 108.32 105.83

GBP/USD

Current level – 1.3777

The bears managed to limit the appreciation of the pound at the main resistance at 1.3797. The test of the mentioned level cannot yet be considered as completed as we are currently observing a consolidation just below this level. The sentiment is rather positive, for a breach of 1.3797and a move towards the next significant zone at 1.3990, which still acts as a key psychological level for the buyers. During this week, the most important economic news that would affect the movement of the Cable, is the data on the preliminary GDP for the UK (Wednesday; 06:00 GMT), as well as the manufacturing PMI (Thursday; 08:30 GMT).

Resistance Support
intraday intraweek intraday intraweek
1.3797 1.3990 1.3670 1.3530
1.3856 1.4094 1.3580 1.3350

DeltaStock Inc.
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These analyses are for information purposes only. They DO NOT post a BUY or SELL recommendation for any of the financial instruments herein analyzed. The information is obtained from generally accessible data sources. The forecasts made are based on technical analysis. However, Delta Stock’s Analyst Dept. also takes into consideration a number of fundamental and macroeconomic factors, which we believe impact the price moves of the observed instruments. Delta Stock Inc. assumes no responsibility for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person's reliance upon the information on this page. Delta Stock Inc. shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation, losses or unrealized gains that may result. Any information is subject to change without notice.

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