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Daily Technical Analysis

EUR/USD

Current level – 1.1275

In the last two weeks, the currency pair has formed a range in the narrow channel between 1.1205 – 1.1366. At the time of writing, the single Еuropean currency is on the verge of testing the support zone at 1.1259, and a possible breach could give the bears the necessary incentive to test the main support at 1.1205. The consolidation is likely to continue while a number of economic news this week is expected to have a major impact on the market, with the most important one being the decision of the Federal Reserve to reduce the pace of its bond buying program.

Resistance Support
intraday intraweek intraday intraweek
1.1307 1.1460 1.1259 1.1205
1.1366 1.1500 1.1205 1.1180

USD/JPY

Current level – 113.55

The Ninja continues its movement within the range between 113.04 – 113.80 and, for now, neither the bulls nor the bears manage to prevail and take control. The appreciation of the U.S. dollar against the Japanese yen would lead to a test of the resistance at 113.80 as this is also the first significant zone ahead of the currency pair in the upward direction. On the other hand, in the downward direction, the critical support area is the level at 112.75. A breach of this level could give the bears a significant advantage, which, in turn, would lead the market towards the next significant support from the higher time frames at 110.80.

Resistance Support
intraday intraweek intraday intraweek
113.80 114.90 113.04 112.75
114.50 115.37 112.75 110.80

GBP/USD

Current level – 1.3193

The bears managed to prevail during the last trading session, leading the price towards a test of the support zone at 1.3206 and, at the beginning of today’s session, we witnessed a successful breach of the mentioned support. The breach cannot be confirmed just yet, but if the bears manage to maintain their control over the market, the sell-off might deepen towards the next significant support zone at 1.3100, followed by the zone at 1.2900 coming from the higher time frames.

Resistance Support
intraday intraweek intraday intraweek
1.3206 1.3360 1.3150 1.2900
1.3296 1.3440 1.3100 1.2800

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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