Daily Technical Analysis

EUR/USD

Current level – 1.1138

Yesterday the euro gave back a portion of its recent gains, but the pair is still trading comfortably above the support 1.1109. The resistance at 1.1180 is coming from the higher time frames and it’s possible for the price to consolidate and an eventual breach to take longer to happen. Should this proves to be the case, the next target would be 1.13. If the current retracement deepens, the bulls might re-enter the market around the 1.099 support zone. Today’s economic calendar doesn’t offer much from the Eurozone, but the data about factory orders in the US coming in at 15:00 GMT could be the market volatility driver.

USD/JPY

Current level – 107.28

Yesterday the euro gave back a portion of its recent gains, but the pair is still trading comfortably above the support 1.1109. The resistance at 1.1180 is coming from the higher time frames and it’s possible for the price to consolidate and an eventual breach to take longer to happen. Should this proves to be the case, the next target would be 1.13. If the current retracement deepens, the bulls might re-enter the market around the 1.099 support zone. Today’s economic calendar doesn’t offer much from the Eurozone, but the data about factory orders in the US coming in at 15:00 GMT could be the market volatility driver.

GBP/USD

Current level – 1.2866

After the support 1.2760 managed to hold the bear pressure, the GBP/USD seems to be headed for a test of the resistance zone at 1.29. If successful, more optimism should flow into the market, opening the door for a charge towards the 1.3015 local high. If buying power is not enough to go above 1.29 and the price tests and breaches 1.2760, a deeper decline towards next support 1.2550 is possible.