Daily Technical Analysis

EUR/USD

Current level – 1.0894

The bulls’ pressure was not sufficient to successfully break through the resistance level of 1.0963 and the bears took control yesterday. The euro lost ground against the US dollar and the price moved to the first support test at the level of 1.0905, which was overcome. If the negative movement continues, a breakthrough would pave the way for the currency pair to the next support areas of 1.0830 or 1.0771, where success would already confirm negative expectations for the future path of EUR/USD. In the opposite direction, if the 1.0905 level is overcome, the next target for the bulls would be to lead the price to a new resistance test at the upper boundary of the formed range between the 1.0905 and 1.0963 level..

USD/JPY

Current level – 107.67

The support zone at 107.30 was successful and now USD/JPY is heading for a test of the next target at 108.51. A breach above of the aforementioned level would show positive sentiments of the market participants and could pave the way for the currency pair for new tests of the resistances at 109.94 or the next one at 111.47. In the negative direction, a move down through the support at 107.30 could pave the way to the next support that lies at 105.47.

GBP/USD

Current level – 1.2493

After the negative result for the Cable from yesterday, the downward move hit a hurdle around the first support at 1.2469 and consolidated. At the moment of the analysis, the currency pair is about to test the level again. A successful breach could lead the GBP/USD to the next support at 1.2287 and would bring back the currency pair in the trading range from last week, between 1.2469 and 1.2162. In the upward direction , only a breakthrough of the resistance zone at 1.2616 could lead to new gains for the buyers in the future and test of the next upper target at 1.2827.