Daily Technical Analysis

EUR/USD

Current level – 1.1598

After the bulls’ unsuccessful attempt at violating the resistance zone of 1.1618, the euro lost some ground against the dollar and, at the time of writing, the pair is trading 20 or so pips below the mentioned resistance. If the bearish attack continues, a test of the support of 1.1575 would be the most likely scenario and, if breached, the decline should deepen towards the local lows at around 1.1535. In the positive direction, a breach of the mentioned zone of 1.1618 could encourage the bulls to test the resistance between the levels of 1.1663 and 1.1687.

USD/JPY

Current level – 114.16

The dollar regained some of its recent losses against the yen and, during the early hours of today`s trading, the pair is holding positions above the zone of 114.10, which is now acting as a support. At the time of writing the analysis, the expectations are for a test of the resistance of 114.42 and, if successful, this should lead to a continuation of the rally and even more gains for the greenback against the yen. If the bears re-enter the market, the corrective move should remain limited to the level of 113.21.

GBP/USD

Current level – 1.3769

The pound has halted its uptrend and a complex retracement is currently developing on the market. The first support for the bulls is the area of around 1.3760, and the first resistance is 1.3830. If it takes longer for the pullback to develop, it is expected to remain limited above the local support of 1.3720. Current sentiment remains positive, and should 1.3830 be breached, the next target for the buyers could be the area at around 1.3900.