Daily Technical Analysis

EUR/USD

Current level – 1.1800

After the false breach of the resistance at 1.1829 the bulls did not gain enough momentum to send the pair towards the next resistance at 1.1893 and the EUR/USD retraced, reaching the support zone at 1.1800. A breach of the mentioned support could lead to a test of the support at 1.1771. If the bulls re-enter the market and successfully violate the resistance at 1.1829,, thus leading the pair for an attack of the resistance at 1.1893. During today’s trading session, investors’ attention will be focused on the data on the U.S. non-farm employment change (12:15 GMT) and the ISM manufacturing (14:00 GMT).

USD/JPY

Current level – 110.16

At the time of writing this analysis, the pair is testing the resistance at 110.18. If this level succumbs to the bullish pressure, this would end the consolidation phase and lead the pair towards the resistance at 110.52. If this resistance manages to hold off the bulls, the USD/JPY would most probably continue trading in the range between 109.48 and 110.18.

GBP/USD

Current level – 1.3732

The resistance at 1.3800 wasn’t breached and the pair will most probably test the support at 1.3723. In case the bears do not manage to violate this level, this would be a signal for an upward movement towards a test of the resistance at 1.3800 and if it is breached, this would give a chance to the bulls for an attack of the next resistance at 1.3880. However, if bears prevail, their first support would lie at the level of 1.3600. Volatility will most likely rise after the announcement of the manufacturing PMI at 08:30 GMT.