EUR/USD
The resistance level at 1.0270 is still holding the bulls at bay and the pair is consolidating just below this zone. A confirmed breach of the mentioned key resistance would pave the way for the pair towards the next key resistance zone at 1.0383. However, a development of a short-term consolidation in the range of 1.0180 – 1.0270 is a highly possible scenario, before the bulls could attempt to take control and lead the pair above the resistance at 1.0270. On the other hand, if the bears prevail and manage to violate the support at 1.0186, then the pair would most probably head towards a test of the support at 1.0115. During today’s trading session, the most important economic news that would be of interest to the market participants, will be the U.S. existing home sales data (14:00 GMT).
USD/JPY
During yesterday’s trading session, the pair made a slight upward movement that was limited at the resistance at 138.42 and the expectations for today’s trading session are for a downward movement and a test of the support at 137.40, where a successful breach would give the sellers an opportunity to target the next significant support zone at 136.70. However, if the bulls prevail, then we may instead expect an upward movement towards the high at 139.21.
GBP/USD
The bulls are facing difficulties in overcoming the resistance at 1.2045 and the pair is hovering just below this level. If the bulls manage to violate the mentioned resistance, then the most probable scenario is for the GBP/USD to head towards a test of the critical resistance at 1.2120. However, before the market is able to find a clear direction, the pair could remain locked in the range of 1.1962 – 1.2045. If the bears manage to take control over the market, then we may witness a deeper price correction towards the support at 1.1912.
EUGERMANY40
During yesterday’s trading session, the German index increased its value with approximately 4.5%, reaching the resistance level of 13378, and at the time of writing this analysis, the buyers are striving to confirm the breach of this level. The rally was fueled by hopes that Russia will restore gas exports via its Nord Stream. Even with the positive market sentiments, however, we may be in for a slight correction towards the support at 13171, before a possible continuation of the rally is to develop. If the sell-offs deepen and the support level at 13171 is violated, then the next target for the sellers would be the psychological level at 13000.
US30
The index appreciated significantly and the buyers are testing the resistance level at 31880, where a confirmed breach would be considered as a signal that the bulls are still in control of the market, in which case an increase in the price towards the psychological level at 32000 is highly possible. However, if the bears manage to hold the price below the resistance zone at 31881, then a correction towards the key support at 31425 could be considered as an alternative scenario for today’s trading session.
