EUR/USD
The common European currency lost quite a bit of ground against the dollar, and after the successful violation of the major support at 1.0359, the pair tested the lower zone at 1.0237 as a result of how late the ECB is in the rate hiking cycle, compared to the FED, and the impending recession. During the early hours of today, the pair is consolidating above the mentioned zone, but if the bears continue to prevail, then a new successful attack could easily lead to future losses and would strengthen the negative expectations for a parity between the euro and the greenback. The first target for the bulls is the level at 1.0359, which is currently acting as resistance, followed by the upper zone at 1.0396.
USD/JPY
The bulls did not manage to gain enough momentum to successfully violate the resistance at 136.27 and the dollar erased some of its recent gains against the yen. At the time of writing the analysis, the pair is testing the close support at 135.42, and if the breach is confirmed, then an attack on the next target at 134.77 would be the most probable scenario. Success for the bears here could easily deepen the drop and could lead the Ninja towards the lower support at 133.57. If buyers enter the market, then a successful violation of the resistance at 136.27, followed by a breach of the zone at 136.69, could lead to a continuation of the rally and a move towards the levels at around 137.00.
GBP/USD
Тhe bearish attack on the support zone at 1.1931 was not successful, and the during the early hours of today`s trading, the GBP/USD is hovering above the mentioned level. If the bulls prevail and breach the resistance zone at 1.1988, then the current corrective move could continue towards the upper target at 1.2038. If the bears re-enter the market, then a breach of the zone at 1.1931 could lead to new losses and could continue the decline towards the levels at around 1.1800.
EUGERMANY40
Recession fears continued and trading for the German index remained restricted under the important resistance at 12622. The current expectations are for a new test of the support at 12426, where a successful breach for the bears could easily lead to future losses and could deepen the sell-off towards levels at around 12300. If the bulls take control instead, then a violation of the mentioned resistance at 12622 could help fuel a rally towards 12739. Only a breach of the upper resistance at 12941, however, could lead to a change in the current sentiment of the market participants.
US30
The U.S. index recovered some of its recent losses, and during the early hours of today`s trading, the price tested the resistance at 30931. A breach of the next target at 31142, followed by a violation of the upper zone at 31345, could easily lead to a rally and could continue the recovery towards 31707, but the current sentiment is not showing any signs of that happening. If the bullish momentum fades and the bears prevail, then a breach of the support at 30443 would mark the current move as corrective and the US30 could attempt to violate the major zone at 30034.
