Daily Technical Analysis

EUR/USD

Current level – 1.1279

Neither the bears nor the bulls managed to gain enough momentum yesterday and lead the pair out of the range between 1.1259 and 1.1307. Only a successful violation of one of the borders could give a clear direction for the future path of the currency pair. A new successful attack on the mentioned level at 1.1307, followed by a breach of the important resistance at 1.1366, could lead to future gains for the common European currency against the dollar and would help in stirring up a rally towards the level at 1.1462. If the bears prevail and violate the first support at 1.1259, the pair would most likely test the zone at 1.1205, thus strengthening the negative expectations of the market participants.

USD/JPY

Current level – 113.51

The breach of the zone at 113.04 was confirmed and the dollar regained some of its recent losses against the yen. If the bullish prevalence continues, a test of the resistance at 113.79 would be the most probable scenario. A successful violation would strengthen the positive expectations and could easily head the USD/JPY towards the zone at 114.50. In the downward direction, the first target for the bears is the level at 113.04, but only a breach towards the lower support at 112.75 could deepen a sell-off towards the local lows at around 112.00.

GBP/USD

Current level – 1.3272

Yesterday, the decline was limited down to the support zone at 1.3206 and the pound gained some value against the dollar. At the time of writing, the pair is heading for a test of the close resistance at 1.3296 and, if it is successful, the recovery of the Cable should continue towards the next target at 1.3360. On the other hand, a new successful attack on the mentioned zone at 1.3206 could further deepen the decline towards 1.3150.