Daily Tecnical Analysis

EUR/USD

Current level – 1.1764

The forecasts for today’s trading session are for the currency pair to test the support at 1.1700 due to the fact that, during the early hours of today’s trading session, the EUR/USD bounced from the resistance level at 1.1770. The upward movement that began in the start of the week and led to an appreciation of the euro against the dollar would most probably end, and the pair will likely continue the downtrend which is coming from the higher time frames. Only a breach of the resistance level at 1.1770 would head the pair towards the psychological level of 1.1800. During today’s session, volatility will most likely spike after the U.S. preliminary GDP and the initial jobless claims reports are announced at 12:30 GMT.

USD/JPY

Current level – 110.05

The range movement between 109.48 – 110.18 continues and, at the moment, neither the bulls nor the bears are managing to take control. A breach of any of the mentioned boundaries of the range could draw a clearer direction for investors. There is no planned economic news for today that would affect the volatility of the currency pair.

GBP/USD

Current level – 1.3752

At the time of writing the analysis, the pair is testing the resistance at 1.3765 and the situation is similar to that of the EUR/USD – for an appreciation of the U.S. dollar against the other major currencies. The expectations are for this resistance to remain unbreached and for the upward movement that began in the start of this week to end. In case the GBP/USD successfully breaches the support at 1.3723, this would signal that the corrective move has ended and that the long-term downtrend will continue towards the next target – the support level of 1.3600. In the opposite direction, a breach of the resistance at 1.3765 would be an opportunity for the bulls to lead the pair towards the resistance of 1.3800.