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Daily Technical Analysis

EUR/USD

Current level – 1.1477

The rally for the dollar continues as it gained more than a figure against the common European currency and violated the support level of 1.1535 as a result of yesterday’s higher-than-expected inflation reading in the U.S. of 6.2%. Due to this, the market started pricing the Federal Reserve’s decision to raise interest rates sooner than expected and the forecast is for the dollar to continue rising and for the EUR/USD to test the support level of 1.1410 that is coming from the higher time frames. In the positive direction, the former support level of 1.1512 is now acting as a first resistance for the currency pair.

Resistance Support
intraday intraweek intraday intraweek
1.1512 1.1690 1.1410 1.1410
1.1535 1.1760 1.1370 1.1370

USD/JPY

Current level – 113.97

The Ninja bounced back from the support level of 112.70 and managed to consecutively violate the resistance levels of 113.25 and 113.70, adding more than a figure to its value. The forecast is for the uptrend to continue and for the pair to test the resistance level of 114.22, which is also the upper border of the range in which the pair was trading a couple of days ago.

Resistance Support
intraday intraweek intraday intraweek
114.20 114.20 113.70 111.50
114.60 114.60 113.25 111.00

GBP/USD

Current level – 1.3405

The unsuccessful test of the resistance level of 1.3575 was followed by a sharp decline and a breach of the main support and a local bottom of 1.3427. The expectations are for the dollar to continue rising and for the pair to attack the support level of 1.3350 that is coming from the higher time frames. In the positive direction, the aforementioned level of 1.3427 is now acting as a first resistance for the Cable.

Resistance Support
intraday intraweek intraday intraweek
1.3427 1.3715 1.3350 1.3350
1.3500 1.3760 1.3290 1.3290

DeltaStock Inc.
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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