Daily Technical Analysis

EUR/USD

Current level – 1.1330

After limiting the sell-off from the previous trading session down to the support level at 1.1259, the bulls intervened and led the pair to just above the level of the next significant support at 1.1316. At the time of writing, the sentiment remains neutral – for a consolidation around the mentioned support at 1.1316, and investors will look forward to the initial jobless claims data for the U.S. (today; 13:30 GMT), followed by the announcement of the non-farm payrolls change data for the U.S. (Friday; 13:30 GMT), as well as the unemployment rate data for the U.S. (again on Friday; 13:30 GMT). In turn, the mentioned economic events could cause an increase in the volatility of the currency pair and change investors’ mood.

USD/JPY

Current level – 113.00

The depreciation of the U.S. dollar against the Japanese Yen continued during the past session. At the beginning of today’s trading, however, the bulls managed to limit the sell-off down to the 112.75 support level and led the move in a positive direction – towards the first significant resistance at 113.04. It is possible to see a consolidation around this resistance until the economic news, mentioned in the EUR/USD analysis, is announced. At this point, investors could gain more clarity about the state of the market, which could lead to a denser and longer market movement.

GBP/USD

Current level – 1.3294

The depreciation of the British pound against the U.S. dollar continues and, at the time of writing, the price sits just above the support zone at 1.3285. A follow-up second attempt at breaching the support at 1.3224 is a possibility here. An event like that would then strengthen the bearish mood of the market participants. If the sell-off deepens, the first important support for the currency pair is the level at 1.3100, followed by the level at 1.2900. In the upward direction, a test of the resistance at 1.3352 may also be on the radar, which would, however, most likely be thwarted by the bears. The follow-up here could be a consolidation between the 1.3224 – 1.3352 range before the downward trend resumes.