euro
Last Friday was a one of the strongest bullish days for the European currency, where the euro managed to hit new upside records supported with the high levels of momentum reflected in the trading volume. Today we expect a slight correction towards the downside in terms of gathering momentum to then pursue the upside targets once again.
The trading range for today might be between the key resistance level at 1.4320 and the key support level at 1.4150.
The general trend is up as far as 1. 3470 remains intact targets now at 1.4500 and 1.4780.
gbp
The British pound last week arranged a strong bullish pattern after it hit the major support level as the low as 2.0180s, launching from there the upside potential reaching to the key level at 2.0480s. This move created another bullish pattern to set the targets at 2.0680s; nevertheless today the pound is expected to hit the major resistance level at 2.0510 then its expected to reverse back towards the downside in a slight correctional move.
The trading range for today might be between the key resistance level at 2.0530 and the key support level at 2.0360.
The general trend is up as far as 1.9700 remains intact targets now at 2.0635 and 2.0740.
We expect selling sterling below 2.0510 with a target at 2.0450 stop loss above 2.0550
jpy
The dollar against the Japanese yen clearly moved towards the downside as it couldn’t breach the major resistance level at 115.60s to extend the downside channel to hit the key support level at 114.70s; today we expect the pair to progress towards the downside until 114.00 levels.
The trading range for today will be between the key resistance at 115.50 and the key support at 113.80.
The general trend is down as far as 124.60 remains intact, targets at 112.40 and 111.20.
We expect selling USD/JPY below 114.90 with a target at 114.15, stop loss above 115.35
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