Daily Technical Analysis

EUR/USD

Current level – 1.1548

The currency pair continues to trade in a range between the support of 1.1535 and the resistance of 1.1660. The bears are expected to test the lower border of the mentioned range and, if they manage to violate this level, then the decline would continue towards the 1.1410 zone. In case the test of 1.1535 proves to be unsuccessful, then the bulls would take control and attack the upper border of 1.1660. The data on the non-farm payrolls for the U.S., which is to be announced today at 12:30 GMT, is expected to cause a spike in volatility and could lead to a breach of either border of the range.

USD/JPY

Current level – 113.60

The currency pair is trading in a relatively narrow range between 113.38 and 114.20, and neither the bulls, nor the bears are able to take control and get the pair out of this channel. However, a breach of the support of 113.38 would confirm that the corrective phase is continuing and that the bears would probably attack the next support level of 111.99. In the positive direction, a violation of 114.20 would bring back the positive sentiment, leading the pair towards the psychological level of 115.00.

GBP/USD

Current level – 1.3671

The sterling fell by almost 1.4% against the dollar during yesterday’s trading session after the Bank of England surprisingly decided to leave the interest rate unchanged. The sentiment is now negative as the main support level of 1.3575 was violated and the price found support at the zone of around 1.3485. In the last trading session of the week, the Cable would probably consolidate at around 1.3485.