Daily Tecnical Analysis

EUR/USD

Current level – 1.1835

After the euro’s depreciation against the dollar during the previous sessions and the fleeting breach of the support at 1.1800, the bulls managed to limit the sell-off, which led to a correction. The consolidation around the level of 1.1846 could continue and a test of the resistance zone at 1.1891 is not excluded. Judging by the higher time frames, the negative expectations for a deeper sell-off are still intact and a move towards the support area at 1.1700 is still probable. There is no economic news foreseen today that could affect the currency pair’s volatility, with the exception of the OPEC and G20 meetings.

USD/JPY

Current level – 109.88

After the euro’s depreciation against the dollar during the previous sessions and the fleeting breach of the support at 1.1800, the bulls managed to limit the sell-off, which led to a correction. The consolidation around the level of 1.1846 could continue and a test of the resistance zone at 1.1891 is not excluded. Judging by the higher time frames, the negative expectations for a deeper sell-off are still intact and a move towards the support area at 1.1700 is still probable. There is no economic news foreseen today that could affect the currency pair’s volatility, with the exception of the OPEC and G20 meetings.

GBP/USD

Current level – 1.3770

The consolidation around the support zone at 1.3770 continues and this might be the beginning of a range phase within the channel between 1.3729 – 1.3862. At the moment, neither the bulls nor the bears are able to gain enough momentum to establish themselves on the market and set a clearer direction. With the possible superiority of the bears and a successful breach of the support zone at 1.3670, it is possible to witness an additional sell-off and a reversal of the positive trend. Today, the data on manufacturing production in the UK (06:00 GMT) could affect the volatility of the currency pair.