Daily Technical Analysis

EUR/USD

Current level – 1.1602

Sellers prevailed during yesterday’s session and the EUR/USD dropped to the lowest levels since November 2020 and tested the support at 1.1600. During the early hours of today`s trading, the pair is trading steadily around the mentioned zone. If the breach is confirmed, this could easily lead to new losses for the common european currency against the greenback and could continue the bearish trend towards the support zone at 1.1521. In the upward direction, if bulls re-enter the market, the correction should be limited to the first resistance level at 1.1686. Today, the investors` attention will be focused on the announcement of the data for Initial Jobless Claims in the USA (13:30 GMT).

USD/JPY

Current level – 111.81

After the rally of the USD/JPY was limited to the last resistance at 112.00, the currency pair is holding steadily just below the mentioned level. If bulls remain in control and the level at 112.00 is breached, it is highly probable that we will witness new gains for the dollar against the yen. If buyers lose momentum, bears could lead the pair to a test of the support at 111.63. However, only a successful breach of the target at 110.00 could lead to a change of the current sentiment of the market participants.

GBP/USD

Current level – 1.3448

The sell-off for the GBP/ USD continues and the pair tested the support zone at 1.3422. A breach of the aforementioned will most likely deepen the decline towards the zone at 1.3360, coming from the higher time frames and would strengthen negative expectations for the future path of the currency pair. Better than expected data for UK’s GDP (today;06:00 GMT) could help buyers to lead the GBP/USD to a test of the first resistance zone at 1.3520. Successful breakthrough would pave the way to the next target at 1.3609.