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Daily Technical Analysis

EUR/USD

Current level – 1.2257

The resistance around 1.2340 is coming from the weekly time frame and, as expected, there was profit-taking as sellers entered the market around that zone. The support zones at around 1.2310 and 1.2270 were easily breached and, after the end of the current consolidation, bears might try to take the market down to 1.2200 or 1.2160. Due to the significant role that the level of 1.2340 plays, there might be a deeper pullback or a range phase looming on the horizon. The support zones that are expected to attract buyers’ attention are found at 1.2160 and 1.2070. Market sentiments remain bullish and even sharper and deeper drops towards 1.1915 could be interpreted as an opportunity for better entries for the bulls. Today, the most expected and exciting events in the economic calendar are the non-farm payroll numbers and the unemployment rate data both due at 13:30 GMT.

Resistance Support
intraday intraweek intraday intraweek
1.2340 1.2430 1.2240 1.2160
1.2340 1.2500 1.2200 1.2060

USD/JPY

Current level – 103.82

Buyers aggressively entered around the support zone of 102.60-102.70 and easily managed to breach the local resistance zones. As the rally nears 104.03, its velocity is expected to diminish. The pair is still in a downtrend and only a lasting hold above 104.03 could be a sign for a change in sentiments. The bearish scenario here includes a small range happening at the current levels, which could cause the market to roll over and the bears to attempt a new charge towards the low at 102.69. If the bears fail to breach the low level, the market could head towards 104.58, where sellers could take advantage of better market entry opportunities.

Resistance Support
intraday intraweek intraday intraweek
104.03 104.58 103.72 103.01
104.25 104.58 103.27 102.70

GBP/USD

Current level – 1.3558

At the time of writing this analysis, the market is hovering around the 1.3560 support. Expectations are for this support to fail, if bears make another attempt to take down the market. Their first target could be the support zone at 1.3440 or at 1.3380. Despite the recent sell-offs, sentiment remains unchanged and the bullish bias prevails. The resistance at 1.3700 is coming from the larger time frames and it’s possible that the market will make a pause or go for a deeper pullback. If that zone gets taken out, the next target for the pair could be 1.4000.

Resistance Support
intraday intraweek intraday intraweek
1.3620 1.3770 1.3560 1.3315
1.3668 1.3800 1.3440 1.3211

DeltaStock Inc.
DeltaStock Inc.http://www.deltastock.com/
These analyses are for information purposes only. They DO NOT post a BUY or SELL recommendation for any of the financial instruments herein analyzed. The information is obtained from generally accessible data sources. The forecasts made are based on technical analysis. However, Delta Stock’s Analyst Dept. also takes into consideration a number of fundamental and macroeconomic factors, which we believe impact the price moves of the observed instruments. Delta Stock Inc. assumes no responsibility for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person's reliance upon the information on this page. Delta Stock Inc. shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation, losses or unrealized gains that may result. Any information is subject to change without notice.

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