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Daily Tecnical Analysis

EUR/USD

Current level – 1.2160

After the report on new job openings in the U.S. disappointed the markets, the dollar lost ground and the pair closed last week just below the resistance of 1.2170. Expectations that the Federal Reserve will not tighten its policy soon encouraged the bulls and it is possible for the pair to head towards the resistance zones around 1.2207 and 1.2244. The EUR/USD has reached a turning point – after the initial pause in the uptrend, the pair formed a new bottom around the support at 1.2106. If the market is to form a lower high now, it is possible that the sell-offs will intensify and the trend could reverse. Confirmation is needed for the realisation of this scenario, and for now the fundamentals are in favor of the bulls. Overcoming the resistance at 1.2244 may pave the way towards the highs of 2018 at around 1.2540. This week, the most significant event for the pair is the announcement of the inflation rate for the United States on Thursday at 12:30 GMT.

Resistance Support
intraday intraweek intraday intraweek
1.2170 1.2340 1.2106 1.2000
1.2360 1.2400 1.2065 1.1850

USD/JPY

Current level – 109.55

The pair could not stay above the resistance at 110.18 and after the initial aggressive sell-offs, the USD/JPY breached the support at 109.74 and tested the next support at 109.36. Bearish pressure may continue this week as well and with a breach of 109.36, we can expect a test of the key support at 108.56. In case it fails to hold the market, new sell-offs towards 107.50 and 106.10 can exacerbate further. In an alternative scenario, trading may continue in the range between 108.56 and 110.18.

Resistance Support
intraday intraweek intraday intraweek
109.74 111.00 109.36 107.50
110.18 112.20 108.56 106.10

GBP/USD

Current level – 1.4141

The Cable continues to trade in the narrow range between 1.4100 and 1.4210 and last week’s attempt to breach the lower band was successfully thwarted. The bulls are likely to try to attack the 1.4210 resistance next. The trend on the higher time frames is not violated and despite the mixed moods, the expectations are for a resumption of the move and an attack on the 1.4400 resistance. Key daily support the market can expect in the area between 1.4080-1.4100.

Resistance Support
intraday intraweek intraday intraweek
1.4177 1.4240 1.4101 1.4000
1.4209 1.4400 1.4080 1.3890

DeltaStock Inc.
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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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