Forex Technical Analysis: EUR/USD, USD/JPY, GBP/USD

EUR/USD

Current level – 1.1070

The currency pair is struggling to overcome the resistance at 1.1090 as another attempt at the aforementioned level remains probable. As sentiment remains positive, a breach of 1.1090 could push the EUR/USD towards the resistance zone around 1.1140, followed by 1.1170. If the EUR starts losing ground, a minor support lies at 1.1063, followed by next zone at 1.1017. If the move is not limited to the latter, a more bearish picture will be drawn. Today’s FOMC meeting minutes (19:00 UK time) could stir some volatility as investors will get a clearer picture on FED’s future monetary policy.

USD/JPY

Current level – 108.42

After the unsuccessful test of the resistance at 108.65, bears took control and successfully pushed the price towards the first support at 108.23. If the downward move continues beyond 108.23, 107.93 remains the likely scenario. Also, if the sell-off in equity markets gains more momentum, the yen should start gaining even more ground. However, if equity markets rebound and bulls manage to take control and break through the resistance at 108.64, the next target should be 108.90, followed by 109.20.

GBP/USD

Current level – 1.2903

After yet another unsuccessful attempt at breaching the upper band of the range – 1.2965, sellers stepped in and pushed the price towards the minor support at 1.2909, where the pair is currently trading at. If the aforementioned support is broken, the Cable should head for a test of the zones around 1.2860, followed by 1.2760-1.2780, if the move gains more momentum. As has been the case for the past couple of months, the situation around Brexit will be the main driving force and any positive news should push the GBP/USD beyond 1.2964, towards the 1.3000 area.