EUR/USD
Current level – 1.0823
On Friday the pair made a fake breakout of the support 1.0770 and at the moment of writing the analysis it’s trading around the resistance zone 1.0830. Expectations are for another test of the 1.0770 zone and should buyers re-enter the market around that area, trading could continue in a range between 1.0720 and 1.0830. To change the expectations of market participants, prices should breach and hold above 1.0900. Today the economic calendar is rather empty and news that can spike volatility come in later this week. The news that would be monitored by traders would be the FED’s interest rate decision on Wednesday (18:00 GMT) , ECB’s interest rate decision on Thursday (11:45 GMT) and the US ISM Manufacturing index coming in on Friday (14:00 GMT).
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.0830 | 1.0960 | 1.0770 | 1.0570 |
| 1.0900 | 1.1030 | 1.0650 | 1.0470 |
USD/JPY
Current level – 107.50
Trading continues to be locked in a tight range with expectations being more to the downside and, if bears take over, they would try to retest the lows at 107.00. If they successfully breach that level, the next support lies around 105.50. If buyers re-enter, they would meet their first resistance around 108.00.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 108.00 | 110.00 | 107.00 | 103.40 |
| 108.60 | 111.50 | 105.50 | 103.40 |
GBP/USD
Current level – 1.2388
The market is in a pullback phase that should remain limited below the resistance at 1.2435. On the downside, first levels of support for the buyers are 1.2360 followed by 1.2290. If bears take over and those two levels don’t hold, there might be a test of the local minimums at 1.2190. This week the most anticipated economic news coming from the UK is the manufacturing PMI data that comes out on Friday (08:00 GMT).
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.2435 | 1.2650 | 1.2360 | 1.1800 |
| 1.2470 | 1.2830 | 1.2190 | 1.1440 |
