Daily Technical Analysis

EUR/USD

Current level – 1.0846

The currency pair is still trading slightly above the support level at 1.0830. It is necessary to see a break of the first major resistance at 1.0900 in order to strengthen the positive sentiment. A successful break of the mentioned level would open the way for further appreciation and a test of the resistances at 1.0960 and 1.1015. In the negative direction, the first important support zone is at the level of 1.0770. The most important news for the week that could have an impact on the currency pair is the Consumer Price Index data for the USA (Tuesday 13:30 GMT), as well as the data on GDP for the Eurozone (Friday 10:00 GMT).

USD/JPY

Current level – 106.83

After breaking the resistance at 106.45 during past week’s last trading session, the dollar managed to gain some positions, but for now the upward movement is limited at the resistance at 107.00. Despite that, the sentiment is positive and a move towards the next resistance from the larger frames at 108.00, followed by 109.25, is probable. Failure to break the resistance at 107.00 will probably lead to a continuation of the range movement in the narrow channel 106.45-107.00.

GBP/USD

Current level – 1.2430

Once again, the currency pair is trading around the resistance level at 1.2430 as investors are still struggling to find a clear direction for today’s trading. Confirmation of the breakout in a positive direction would give the bulls an incentive to reach and test the next significant resistance at 1.2520. In the negative direction, the first important support is at the not-so-distant level of 1.2280. The most important economic news that market participants will pay attention to this week is the GDP data in the United Kingdom, as well as the data on industrial production (Wednesday 07:00 GMT).