Daily Technical Analysis

EUR/USD

Current level – 1.2139

The weakening of the U.S. dollar is expected to continue and further fuel the massive bullish run of the EUR/USD. The first resistance lies at 1.2174. If it’s taken out, the next one will lie at 1.2240. First support levels for the buyers are found at 1.2123 and at 1.2082. Currently, a bearish scenario is highly unlikely to happen. However, due to the overbought and overextended market, there might be an upcoming range phase. Today, the most anticipated news is the data coming from the U.S. on the non-farm payroll numbers and the level of unemployment that is due at 13:30 GMT.

USD/JPY

Current level – 103.85

The Greenback’s weakness is the main driver for this market as well. The pair once more approached the support at 103.72. If it gets breached, the next target for the bears would be 103.26. The first resistance zones are found at 104.03 and at 104.25, with the latter being of greater importance. Should there be a pullback, it would probably remain limited below the 104.25 level.

GBP/USD

Current level – 1.3450

The Cable hit a three-month high at 1.3499 after breaking out of the range between 1.3290 and 1.3390. Positive developments at the UK and the EU’s Brexit negotiation table sparked the rally. The pair has gained good momentum and has the potential to breach the monthly resistance of 1.3500. Further advances in the negotiations and a weakened dollar could fuel the bullish run towards a value of 1.3700 and even 1.3900. The main support for the buyers is found at around 1.3390 and the local one is located at 1.3438. News on the Construction PMI numbers for the UK (09:30 GMT) could spark volatility in today’s morning session.