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Daily Technical Analysis

EUR/USD

Current level – 1.1958

The pair broke out of its recent range after it had initially breached the resistance zone at 1.1918. That zone will act as a daily support for the moment, while the major one remains the level of 1.1883. Expectations remain positive – for a renewal of the uptrend, with potential targets being 1.1980, 1.2180 and 1.2340. At the moment, both the lower and higher time frames are moving in sync, which could result in stronger rallies and a more sustainable trend.

Resistance Support
intraday intraweek intraday intraweek
1.1980 1.2180 1.1920 1.1800
1.2180 1.2340 1.1880 1.1746

USD/JPY

Current level – 108.79

The Greenback is showing weakness against most major currencies. The USD/JPY sell-off continued and the local support at 109.30 was successfully breached. It’s possible for the bulls to re-enter the market around the current levels, but in order to regain control, they would first have to hold the prices above the zone of 109.68-109.80. The uptrend, outlined by the higher time frames, is still intact and its key support is 108.45. If that zone is breached, the trend could roll over and the sell-offs could exacerbate.

Resistance Support
intraday intraweek intraday intraweek
109.29 109.88 108.45 106.25
109.68 110.39 108.45 104.90

GBP/USD

Current level – 1.3758

Compared to the euro and the Japanese yen, the sterling is lagging behind in its performance against the USD. However, the chart model here is more defined and the expected rally is still in the making. While the market was testing the support at 1.3667, it formed a double bottom. More importantly, the second bottom didn’t have candles closing below the tails of the previous low. The support was tested with great precision and the bullish comeback was decisive. The confirmation of the model came after the bears pressured the area around the resistance at 1.3766, but in the end, the efforts of the sellers were futile and prices remained within the consolidation zone. The current range could be interpreted as a position building moment and, if 1.3766 is breached, the rally could head towards 1.3834, 1.3920, and 1.4000. This scenario, however, could get invalidated if the market falls below 1.3667.

Resistance Support
intraday intraweek intraday intraweek
1.3766 1.3920 1.3730 1.3667
1.3834 1.4000 1.3667 1.3550

DeltaStock Inc.
DeltaStock Inc.http://www.deltastock.com/
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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