EUR/USD
Current level – 1.1553
The euro failed to hold onto its gains for the week and, on Friday, the bears sank the pair towards the support of 1.1535. Last week’s decline showed that the downtrend is not over yet and it is possible that the sell-offs will continue, with their ultimate target being 1.1410. At the moment, sentiment is negative and a recovery towards 1.1690 seems unlikely. The first support for the buyers is the key level of 1.1535, and first resistances are 1.1589 and 1.1622. The zones have been violated several times on both ends and are thus not very reliable. This week is shaping up to be extremely busy in terms of news and events and volatility is likely to remain high, with some of the events having the potential to reverse market trends. Data on the U.S. manufacturing PMI is expected today (14:00 GMT), the Fed will decide on its interest rate (18:00 GMT) on Wednesday, and the data on the U.S. non-farm payrolls will be released on Friday (12:30 GMT).
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.1589 | 1.1660 | 1.1535 | 1.1410 |
| 1.1622 | 1.1690 | 1.1535 | 1.1350 |
USD/JPY
Current level – 114.15
The currency pair successfully tested the support of 113.21, and the rally then managed to breach the resistance of 113.70 and 114.10. The bulls are likely to try and test the level of 114.42 next. In case of a breach of this zone, the rally can continue further towards the targets of 115.25 and 117.00. If the bulls fail, a possible scenario is for the trading to continue in the range between the support of 113.20 and the resistance of 114.42.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 114.42 | 116.20 | 114.10 | 113.21 |
| 115.25 | 117.00 | 113.70 | 111.96 |
GBP/USD
Current level – 1.3679
The Sterling also took losses in the past week, with the decline being limited by the support of 1.3665. The key support remains 1.3575, and the first resistances are 1.3715 and 1.3760. There may be a change in the current sentiment if the resistance of 1.3715 is violated, and if prices rise above 1.3800, a continuation of the uptrend can be expected. The interest rates decision of the Bank of England this Thursday at 13:00 GMT will be decisive for the movement of the pair. A potential interest rate hike would shoot the sterling towards 1.3950.
| Resistance | Support | ||
| intraday | intraweek | intraday | intraweek |
| 1.3760 | 1.3830 | 1.3665 | 1.3500 |
| 1.3800 | 1.3900 | 1.3575 | 1.3400 |
