Fri, Jun 24, 2022 @ 23:07 GMT
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Daily Technical Analysis


The level at 1.1126 appeared to be a strong resistance for the bulls to overcome and the outlook for today’s trading session is for the pair to breach through the support at 1.1044 and to head towards a test of the next significant zone at 1.0980. However, if the bulls manage to regain control over the market and overcome the resistance at 1.1126, then it is most likely to witness an impulsive move towards the resistance at 1.1231. A short consolidation in the range of 1.1044 – 1.1126, before the market finds a clear direction, should still not be excluded as well. During today’s trading session, the most important economic news that would be of interest to the market participants will be the U.S. existing home sales data (14:00 GMT).


The greenback rally paused below the resistance of 118.84, which comes from the higher time frames, and the market may need more time to breach this level before the upward movement is restored. At the time of writing, the pair is consolidating in the range of 118.19 – 118.84, and in case the lower band is breached, then this may lead to a deepening of the corrective move and a test of the support at 117.80.


The currency pair is consolidating in the range of 1.3095 – 1.3191 as the bulls could not violate the resistance at 1.3191. A possible scenario for today’s trading session is for another attack on the mentioned level and a successful breach here would pave the way for the pair towards the resistance at 1.3269. However, if the bears manage to take control over the market, then we may expect a downward movement towards the support at 1.3095, followed by another decline towards 1.3050.


The strong rally of the German index was limited to just below the resistance at 14502 as the bulls couldn’t gain enough momentum to violate this zone. The sentiment is rather negative – for a move towards the support at 14062, where a breach of this level would most probably lead to sell-offs towards the support at 13531. Only a confirmed breach of the resistance at 14502, however, would lead the price towards the next resistance level at 14788.


The resistance zone of 34523 remains unshakable, and at the time of writing, we are seeing the index retreat towards the support of 34100. In the event of a breach of the mentioned support, we may observe a deepening of the sell-off, which may lead the price towards the next significant support area of 33779. Only a confirmed breach of the resistance at 34523, however, would lead the price towards the next resistance level at 35037. During today’s session, the situation in Ukraine will continue to dictate the market sentiment and volatility will most likely remain elevated.

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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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