Daily Technical Analysis

EUR/USD

Current level – 1.2088

During yesterday’s trading session, the single European currency was at the brink of testing the resistance level at 1.2180, but the bulls failed to gain enough momentum. As a result, the euro lost quite a bit of ground against the U.S. dollar, but despite that, the buyers managed to limit the sales down to 1.2058. At the time of writing the analysis, the currency pair is once again on its way towards testing the support level at 1.2058. If this breach turns out to be unsuccessful, the pair could form a range in the narrow channel between 1.2058 – 1.2141. The main economic events that are expected to have an impact on the market during today’s session are the data on the preliminary GDP for the U.S. (13:30 GMT), the initial jobless claims for the U.S. (also at 13:30 GMT), as well as the data on new home sales, again for the U.S. (15:00 GMT).

USD/JPY

Current level – 104.34

During yesterday’s trading session, the currency pair managed to easily overcome the resistance at 103.82, followed by 104.04, and the bulls even managed to push the price towards the resistance level at 104.27. If the breachhere is confirmed, we can expect а further appreciation of the dollar against the yen and a test of the next resistance zone at 104.75. If this scenario materialises, the level at 104.27 will become the first important support in case of a sell-off

GBP/USD

Current level – 1.3660

At the beginning of the previous session, the resistance level at 1.3731 was reached, but the bears managed to take control and overcome the support at 1.3688, with the pair currently moving towards the next important zone at 1.3629. A successful violation of this level could lead to a continuation of the sell-off towards the zone at 1.3542. In case the bears fail to gain enough momentum and the bulls limit the drop to the level of 1.3629, we may witness the formation of a range between 1.3629 – 1.3731.