Daily Technical Analysis

EUR/USD

Current level – 1.1846

After reaching the local high at the end of the last week at 1.1897, the single European currency began to lose ground against the U.S. dollar. At the time of writing, we are seeing consolidation just above the support level at 1.1835. If the bears remain in control, we could see a larger drop in the value of the single european currency against the greenback towards the next significant support zone at 1.1800. In the upward direction, the main resistance remains at 1.1900.

USD/JPY

Current level – 110.24

The currency pair continued to trade in the narrow range between 109.58 – 110.20 during the last trading session, as the break of the zone at 110.20 is not a sufficient factor to confirm that the pair has left the narrow channel. Оnly a confirmed breach of the zone at 110.40, could signal a continuation of the upward movement towards the next significant resistance at 110.80. The main support remains the level at the lower border of the formed range – 109.58.

GBP/USD

Current level – 1.3778

Since the end of last week, the British pound has been losing ground against the U.S. dollar, with previously staging a two-week recovery from the low at 1.3600 and a test of the resistance zone at 1.3868, which can be considered as a local high according to the smaller time frames. The move we are seeing this week can be considered as a corrective phase, and the most likely scenario is for the resumption of the upward movement, which in the event of a resistance breach at 1.3870, could reach the next significant zone at 1.4000.