euro
The European currency dropped down yesterday since it found tendency to move towards the key support level at 1.4210. We expect the downside move has ended by hitting the mentioned support, by which the Euro might rebound to the upside today.
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.
We expect buying Euro above 1.4220 with a target at 1.4300, stop loss below 1.4180.
gbp
The low volume played a significant role to restrict the British pound’s movements yesterday to fluctuate in a balanced pattern since it couldn’t breach the tough resistance level at 2.0490s to fall until the levels of 2.0370s to record the low. Nevertheless, today we expect a bullish move to hold the pound up until the previous resistance at 2.0530s.
The trading range for today might be between the key resistance level at 2.0560 and the key support level at 2.0350.
The general trend is up as far as 1.9700 remains intact targets now at 2.0635 and 2.0740.
We expect buying sterling above 2.0420 with a target at 2.0520 stop loss below 2.0370
jpy
The dollar against the Japanese yen tended to move in a bullish pattern towards the tough resistance level at 116.00 within the same lateral trading channel. This consolidation was due to the restrictions that the currency has made with the narrow ranges.
The trading range for today will be between the key resistance at 116.20 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.
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