HomeContributorsTechnical AnalysisDaily Tecnical Analysis

Daily Tecnical Analysis

EUR/USD

Current level – 1.2232

The currency pair ended the month of May with gains and it seems that the range phase of the market is coming to an end. The bulls activated at around the 1.2130 support level and are again facing a test of the 1.2240 resistance zone. If the positive attitude is maintained, buyers might try to overcome the area between 1.2240 and 1.2260. An upward momentum and a breakout of this zone would have the potential to raise the rate of the euro against the dollar to 1.2340, and even to 1.2400. The daily support is at around 1.2200, and the most significant one is found at 1.2170. Today, increased market activity is expected due to a series of data on the business activity in the euro area (08:00 GMT), consumer inflation (09:00 GMT) and the ISM manufacturing PMI for the U.S. (14:00 GMT).

Resistance Support
intraday intraweek intraday intraweek
1.2240 1.2340 1.2170 1.2128
1.2360 1.2400 1.2170 1.2065

USD/JPY

Current level – 109.32

The breach above 109.80 didn’t last long and the bears aggressively returned on the market around the resistance at 110.18. It is likely that their momentum will continue and that the pair will test the support at 109.06. On the higher time frames, sentiment seems mixed and trading may continue to range between the 108.56 support and the 109.74 resistance. A breach of any of these areas would define the future development of the market.

Resistance Support
intraday intraweek intraday intraweek
109.74 111.00 109.06 108.56
110.18 112.20 108.56 107.50

GBP/USD

Current level – 1.4239

The bulls managed to breach the resistance at 1.4208 and the upward momentum is currently in development. The movement has the potential to reach the next resistance at 1.4300. It is possible that, as the day progresses, the sterling could test the breakout zone at 1.4208. If the test is successful, it would further strengthen the bullish sentiment. The main support is the beginning of the impulse at around 1.4163.

Resistance Support
intraday intraweek intraday intraweek
1.4270 1.4400 1.4200 1.4100
1.4300 1.4450 1.4160 1.4035

DeltaStock Inc.
DeltaStock Inc.http://www.deltastock.com/
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.

Featured Analysis

Learn Forex Trading