Daily Technical Analysis

EUR/USD

Current level – 1.2143

During yesterday’s trading session, the dollar rose against the euro, with the currency pair entering a correction after initially rising from 1.1985. In the first hours of today’s trading session, however, the euro strengthened its position against the dollar and the forecasts are for the upward movement to return and for the pair to focus on the first important resistance at 1.2170. A critical support is the level of 1.2126. Today, investors’ attention will be focused on the data on the ZEW economic sentiment for Germany (09:00 GMT).

Resistance		Support
intraday	intraweek	intraday	intraweek
1.2170	1.2270	1.2126	1.1950
1.2230	1.2300	1.2066	1.1899

USD/JPY

Current level – 108.73

The currency pair rebounded from the support at 108.48 and, at the time of writing this analysis, it is headed towards the resistance at 109.01. The most probable scenario for today’s trading session is for a test of this level. If it holds, a reversal towards the support at 108.22 is expected.

Resistance		Support
intraday	intraweek	intraday	intraweek
108.76	109.40	108.48	107.80
109.01	110.52	108.20	107.50

GBP/USD

Current level – 1.4132

The expectations are for the sterling to continue to appreciate against the U.S. dollar and the resistance at 1.4240 could be considered to be the next target. However, a corrective move towards the support at 1.4006 may take place in case the bears gain control and breach the support at 1.4111.

Resistance		Support
intraday	intraweek	intraday	intraweek
1.4140	1.4300	1.4111	1.3913
1.4240	1.4350	1.4006	1.3861

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