Daily Tecnical Analysis

EUR/USD

Current level – 1.1738

After the bulls managed to limit the sell-off to the support level at 1.1711, we are now witnessing a consolidation just above that level. At the time of writing, the currency pair is trading at 1.1738. The current upward move can be considered as a corrective phase, which could be followed by additional sales targeting another test of the support zone at 1.1711. As of today, there is no planned economic news that would lead to an increase in the volatility of the currency pair.

USD/JPY

Current level – 110.36

The momentum of the bulls was not enough and they failed to keep the trade above the resistance level at 110.56. The subsequent correction currently remains limited to just above the support level at 110.30. The forecast remains positive – for another attack of the mentioned resistance. In the event of a breach, we could observe an attack towards the next significant resistance at 111.00, followed by the area at around 111.70.

GBP/USD

Current level – 1.3811

We saw a second attempt for a breach of the support at 1.3827, but this time, the bears managed to prevail and the attack was successful. At the time of writing, we are witnessing a consolidation phase just below that level, which is already playing the role of a resistance. If the dollar continues to gain positions against the British pound, it is quite possible that we could observe a test of the next support zone at 1.3776. In the event of a breach of this support as well, we may expect a test of the next more significant levels of the higher time frames at 1.3630, followed by the level of 1.3570.