Sat, Oct 23, 2021 @ 11:51 GMT
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Daily Technical Analysis

EUR/USD

Current level – 1.1734

The support at around 1.1700 attracted buyers again, and the downward trend in the EUR/USD is currently in a pullback phase. If the level holds and the market goes into a range, it is possible for the trend to change direction. It is possible that the prices will rise to 1.1753, where if the bears enter, they would confirm the breach and the new resistance. The next major obstacle for the buyers is the level of 1.1782. If the sell-off continues and the 1.1700 zone is breached, the next target could be 1.1614, followed by 1.1400. On the higher time frames, the situation is rather neutral and the pair is trading in a range between 1.1900 and 1.1700, and a breach in either of these two zones would define the future direction of the market. Today, the main news in the economic calendar is the building permits data for the United States at 12:30 GMT.

Resistance Support
intraday intraweek intraday intraweek
1.1752 1.1847 11724 1.1662
1.1817 1.1880 1.1700 1.1600

USD/JPY

Current level – 109.50

The currency pair managed to secure a second breach of the support at 109.60, and the first support is the area at around 109.20. But while the bears are managing to make new lower highs, the buyers are still limiting the plunge at around 109.20. It is desirable that prices bounce away from the resistance of 109.60 in order to confirm the breach of the level and the movement to continue towards 109.20 and, subsequently, 108.80. If this scenario does not materialise, it is possible for trading to continue in the range between 109.20 and 110.20. The market could then be expecting a catalyst for a directional movement, and tomorrow’s decision of the Central Bank of Japan (03:00 GMT) on interest rates may be just that.

Resistance Support
intraday intraweek intraday intraweek
109.69 110.20 109.23 108.80
110.00 111.40 108.80 108.00

GBP/USD

Current level – 1.3662

The Cable sell-offs remained limited above the support of 1.3640. The market is likely to enter a retracement phase, with the first expected resistance being found at around 1.3692. A more significant obstacle for the bulls is expected at around the 1.3750 zone. In case the bearish pressure continues, a new test of the support at 1.3600, which is coming from the higher time frames, is possible today. A breach of this zone would significantly deepen the declines towards 1.3450 and even 1.3340.

Resistance Support
intraday intraweek intraday intraweek
1.3692 1.3804 1.3640 1.3600
1.3756 1.3850 1.3600 1.3450

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.

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