euro
The European currency consolidated at the top of the last bullish move after it hit the major resistance level at 1.3920s last week and obviously lost some volume. Therefore, we expect a bearish day as long as the major support level at 1.3830s was breached down today.
The trading range for today might be between the key resistance level at 1.3950 and the key support level at 1.3770.
The general trend is up as far as 1.3300 remains intact targets now at 1.3920 and 1.4045.
We expect selling Euro below 1.3880 with a target at 1.3810, stop loss above 1.3930
gbp
The British pound dropped down in a strong bearish pattern with high volume. This might be a signal to open the way towards the target at 1.9800, which is the next support level. In the meantime, the technical indicators show some bearish adjustments as well for today.
The trading range for today might be between the key resistance level at 2.0100 and the key support level at 1.9770.
The general trend is up as far as 1.9650 remains intact targets now at 2.0635 and 2.0740.
We expect selling sterling below 1.9970 with a target at 1.9830, stop loss above 2.0020
jpy
The dollar against the Japanese yen tended to progress towards the upside in order to cover some of the bearish losses two weeks ago. The technical indicators started adjusting to show the upside potential, but the pair just touched the major downside trend line which in role stopped the upside move to force the pair to drop down today.
The trading range for today will be between the key resistance at 116.00 and the key support at 114.50.
The general trend is down as far as 124.60 remains intact, targets at 112.60 and 111.30.
We expect selling USD/JPY below 115.40 with a target at 114.70, stop loss above 115.80.
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