Daily Technical Analysis

EUR/USD

Current level – 1.1361

The euro recovered some of its recent losses against the dollar and,during the early hours of today`s trading, the pair is testing the first resistance at 1.1365. A successful breach should lead to a continuation of the corrective move towards the target at 1.1459. However, if the bears re-enter the market at the current levels and the resistance at 1.1365 holds, another test of the support at 1.1292 would be the most probable scenario. A successful violation of the mentioned level, followed by a breach of the lower zone at 1.1263, would strengthen the negative expectations for the future path of the EUR/USD, thus deepening the sell-off that started last week.

USD/JPY

Current level – 114.36

The bears lost momentum and the currency pair returned to its previous range. At the time of writing this analysis, the Ninja is testing the resistance levels between 114.26 and 114.41, a successful breach of which would easily help the bulls to continue the rally of the greenback against the yen and lead the pair towards 114.92. The main support zone can be found at the level of 113.77, followed by the lower one at 113.41.

GBP/USD

Current level – 1.3482

The attacks on the resistance zone at 1.3503 were not successful, but the Cable continues to trade just below the mentioned level. Better-than-expected data in the United Kingdom for the retail sales (today; 07:00 GMT) could help the bulls prevail later on in the session. If they manage to breach the mentioned resistance, we will most likely witness a move towards the resistance at 1.3551. In the more likely scenario, in which the bears take control, the pair should head towards 1.3439 and potentially extend the drop towards the level at 1.3400.