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Daily Technical Analysis


The support at 0.9988 was overcome in the past session. Afterwards, the movement of the currency pair remained in a narrow range, given the expected important economic data later today. The next support at 0.9944 was not tested and the price managed to hold above it. This does not mean that the downward movement is over, but it is very likely that traders will be cautious and not take any unnecessary risks until the Federal Reserve’s decision on the main interest rate comes out at 18:00 GMT and the follow-up press conference at 18:30 GMT. Please note that our analysts will not be publishing technical analysis reports for the rest of the week due to some well-deserved time off.


The consolidating move in the currency pair between the support at 142.68 and the resistance at 143.61, that we saw in the past trading session, continued at the start of today’s session as well. The bulls are in control of the market and so a successful breach of the 143.61 level would not be a surprise to anyone. Their next target is the resistance at 144.93. Conversely, if the level that has now become a support at 143.61 and the next target at 142.68 are both overcome, then this would open the way for the bears towards the zone at 141.64, where the bulls should intervene and stop them.


The support at 1.1348 is stopping the bears for now, but that doesn’t mean they’ve given up hope just yet. The bulls need to break through at least three important resistances: 1.1402, 1.1474 and 1.1600, before it could be said that they have achieved any temporary success. We could also witness new record lows for the pound against the dollar.


The German index’s downward movement has been limited for now as the bears failed to reach the support at 12593. However, they are dominating the market at the moment. The bulls need to overcome at least three targets: the resistances at 12694, 12856, and at 12979, if their push is to be deemed successful. If this does not happen, then it is very likely that the bears will settle in the market for longer than expected.


The past session was not successful for the U.S. blue-chip index. It managed to stop its fall only after the bears tested the important support at 30555. At the time of writing, the price is parked at 30725, but if it moves towards the resistance level at 31291 and overcomes it, then it would be possible for the bulls to return to the market.

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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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