EUR/USD
Current level – 1.1050
During last weeks’ sell-off the EUR/USD managed to violate a couple of important support levels as a result of the greenback’s appreciation. It was caused by the rising optimism about the condition of the US economy and the FED signalling a pause in rate cuts. Expectations for the downward move to continue towards the important 1.0990 remain intact. If the pair breaks through the latter, a test of 1.0880 remains the most probable scenario. On the upside, the first major resistance is 1.1091 and the key one is 1.1170.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.1070 | 1.1170 | 1.1020 | 1.0950 |
| 1.1100 | 1.1230 | 1.0970 | 1.0880 |
USD/JPY
Current level – 109.02
The pair failed to break the resistance at 109.45, forming the so-called double top which is considered a reversal pattern. The forecast here is that the yen will continue its appreciation against the dollar after the double top formation and the move below 109.19. First important support remains at 108.45, followed by 107.93.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 109.20 | 109.90 | 108.50 | 107.40 |
| 109.45 | 110.60 | 107.80 | 106.60 |
GBP/USD
Current level – 1.2786
The Cable managed to break the support at 1.2808 and 1.2782, making a move towards the next important zone at 1.2700 the likely scenario. Today’s economic data due at 09:30 UK time should lead to an increase in volatility as it will show whether the British economy has slipped into recession. On the upside, the first resistance is 1.2808 and 1.2858.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.2808 | 1.3000 | 1.2800 | 1.2550 |
| 1.2858 | 1.3180 | 1.2780 | 1.2500 |
