Daily Tecnical Analysis

EUR/USD

Current level – 1.1940

The market is in a pullback phase and volatility has been significantly reduced. At the moment, the bulls keep the local support at 1.1920, and the first resistance for them is 1.1955. The support zone at 1.1800 comes from the higher time frames and attracts strong interest from the bulls. It is very likely that, if these players are still on the market, the price will not get there and the market will roll over from the current levels. If buyers manage to keep prices above 1.1955, then there will be a change in sentiment and the chances of the market turning around will increase. In an alternative scenario, it is possible that the bulls will try to overcome 1.1955 and that, at about 1.2000, sellers would resume their pressure in order to attack 1.1850. The failure of the supports at around 1.1850 and 1.1800 will deepen the losses, and a potential target could be the area at around 1.1600.

USD/JPY

Current level – 110.88

Since the beginning of the week, the dollar has continued to appreciate against the yen and, during yesterday’s trading session, the pair violated the resistance level of 110.80. The forecast is for the upward trend to continue and aim for the resistance level of 111.70, which is coming from the higher time frames. The first support is the level of 110.11.

GBP/USD

Current level – 1.3929

The Sterling ended yesterday’s session in the red after the meeting of the central Bank of England. The area between 1.3980 and 1.4000 attracts the interest of sellers and they are currently controlling the market. The local support is 1.3890, and the main one coming from the higher time frames is 1.3800. It is quite possible to develop a complex correction with another bottom at 1.3800, if the bears resume their attacks. The corrective phase may be long, but a possible breach of 1.3800 would generate a wave of sales towards 1.3670 and 1.3450.