Daily Technical Analysis

EUR/USD

Current level – 1.1605

Last week’s sell-off seems to have been limited by the support zone at 1.1562 for now and, during the early hours of today`s trading, the EUR/USD is testing the resistance zone at 1.1601. If the bulls gain enough momentum and manage to keep the pair above the aforementioned level, the recovery will most likely continue towards the resistance at 1.1686. However, if the bears regain control of the market and manage to violate the zone of support, located at 1.1562, new losses for the common European currency against the greenback can be expected..This week, the most important news which the market participants will be focusing on is the unemployment rate and the change in the non-farm payrolls data (Friday; 13:30 GMT).

USD/JPY

Current level – 111.08

After the increase from the previous week, we witnessed a corrective move, which currently remains limited above the support level of 110.77. If the bulls succeed in establishing themselves on the market, we can expect a resumption of the upward move towards the local peak area of 112.00. On the other hand, in the event of a deepening sell-off, the first significant support would lie at 110.40.

GBP/USD

Current level – 1.3601

Part of the lost positions for the pound were recovered after the bulls managed to limit the sell-off down to the support level of 1.3422 at the end of last week. At the time of writing, the currency pair consolidated to just below the resistance of 1.3609 and a successful breach of the mentioned level would strengthen the positive sentiment, with the more significant goal being reaching and testing the significant resistance zone of 1.3752.