Daily Technical Analysis

EUR/USD

Current level – 1.1653

The attempt to breach the support of 1.1623 was not successful and, at the time of writing this analysis, the currency pair is preparing to test the resistance zone between 1.1668 and 1.1687. A violation of the mentioned zone will pave the way towards the next goal of 1.1750, a breach of which would strengthen the positive expectations for the future path of the EUR/USD. On the downside, bears could attack the support level of 1.1623 and, if successful, could easily deepen the drop towards the level of 1.1582. A spike in volatility is likely during the announcement of the economic data for the initial jobless claims for the U.S. (today; 12:30 EEST).

USD/JPY

Current level – 114.33

The uptrend here is strong and any corrective movements are being reduced to consolidations in the price movement. The pair managed to breach the resistance of 114.42 and it seems that the bulls are preparing for their next assault, with their goal possibly being 115.50. As long as the momentum of the trend is maintained, prices may even reach 118.60. The first support for the buyers is 114.42, followed by the already confirmed one at 113.70.

GBP/USD

Current level – 1.3827

The support zone of 1.3762 withstood the bearish attack during yesterday’s trading session and the bulls quickly established themselves on the market. During the early hours of today`s trading, the currency pair is re-testing the resistance level of 1.3829 and a successful breach here could easily continue the rally and lead to new gains for the pound against the dollar. In the opposite direction, a violation of the mentioned level of 1.3762 could lead to a deeper correction towards the support of 1.3713.