Daily Tecnical Analysis

EUR/USD

Current level – 1.2203

After the failed breach of the resistance zone at 1.2238, during yesterday’s trading session the single European currency lost its value against the U.S. dollar after another failed attempt by the bears to test the support zone at 1.2170. The mentioned support and resistance outline the borders of the created range, which was formed approximately three weeks ago. At the moment, neither buyers nor sellers are able to gain momentum and tip the scales in their favor. The forecasts, then, are for maintaining the move in the mentioned channel between 1.2170 – 1.2238. The most important news for investors today is the ADP non-farm employment change data for the U.S. (12:15 GMT), as well as the initial jobless claims data, again for the U.S. (12:30 GMT).

USD/JPY

Current level – 109.66

After the failed breach of the resistance zone at 1.2238, during yesterday’s trading session the single European currency lost its value against the U.S. dollar after another failed attempt by the bears to test the support zone at 1.2170. The mentioned support and resistance outline the borders of the created range, which was formed approximately three weeks ago. At the moment, neither buyers nor sellers are able to gain momentum and tip the scales in their favor. The forecasts, then, are for maintaining the move in the mentioned channel between 1.2170 – 1.2238. The most important news for investors today is the ADP non-farm employment change data for the U.S. (12:15 GMT), as well as the initial jobless claims data, again for the U.S. (12:30 GMT).

GBP/USD

Current level – 1.4167

After the pound lost ground against the U.S. dollar since the beginning of the week, the bulls managed to limit the sell-off above the support zone at 1.4100 during the last trading session, and we even witnessed a build-up of upward momentum and a recent breach of the resistance at 1.4160. Only a breach and its confirmation above the zone at 1.4200, however, could be sufficient grounds for considering a continuation of the upward trend. At the moment, the expectations for range-bound trading between 1.4100 – 1.4200 remain intact. Today, the most important economic news that will be in investors’ focus will be the PMI services data for the UK (08:30 GMT).