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Daily Technical Analysis


Volatility during yesterday’s trading session remained muted and the single European currency continues to consolidate between the two key levels at 1.0470 and at 1.0580. Neither the bears nor the bulls can boast a breakthrough on any significant level, but if the bulls manage to breach the mentioned range, then the next resistance for them would be the level at 1.0640. An increase in short EUR volumes to an extent, to which the bears could manage to overcome the range, would mean that the next key resistance in front of them would be placed at 1.0400. Important news for today that would help develop the above scenarios is the data on existing home sales in the United States (14:00 GMT).


The non-working day in the United States also affected the Ninja as it resulted in lower liquidity, which led to sharp moves in both directions. From the start of today’s trading session to the time of writing the analysis, the pair fluctuated only a few pips, however this calm state will most likely not last during today’s session. If we witness increased market activity, then the bears would first have to overcome the support at 134.60. In order to find the next resistance for the bulls, we would have to go back several years until we reach the historic level of 138.50. This week, no major news that could affect the Japanese yen is expected from the land of the rising sun.


As with the other currencies, the sterling didn’t experience any large movements yesterday and volatility remained muted. Still, the day was more profitable for the bulls as they were able to record a jump of around half a figure at the time of writing the analysis. If they maintain their momentum, then they could face resistance at 1.2380. If, on the other hand, the bears manage to attract the market’s attention, a more stubborn obstacle in front of them would be the support at 1.2180.


The day for the German index was marked by a breach of the resistance at 13225 on behalf of the bulls. If they continue to dominate the market, then they will have to deal with the resistance at 13650 as well. In the event that the bears are able to recoup their positions, we can witness a breach attempt aimed at the support at 12990. No news is expected from Germany that could strongly influence the index.


Despite the non-working day in the U.S., the US30 “did not rest”, and at the time of writing the analysis, managed to reach and test the resistance at 30240. If the bulls finally breach this level, then they could focus their efforts on the resistance at 30920. If, on the other hand, the bears manage to tip the scales in their favour, then they would have to overcome the support at 29870.

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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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