Major Technical Analysis

euro

The European currency rallied last week to the upside target at 1.4970s after it penetrated the major resistance level at 1.4920s. However, the euro fell massively to replace the bullish move with a bearish one to close below the opening level at 1.4830s forming a bearish pattern. Therefore as a result, we expect downside movements for today. The trading range for today might be between the key resistance level at 1.4920 and the key support level at 1.4700. The general trend is up as far as 1. 4270 remains intact targets now at 1.5000 and 1.5370
We expect selling Euro below 1.4870 with a target at 1.4720 stop loss above 1.4920.

gbp

The British pound last Friday fluctuated in wide ranges due to the high levels of volatility allowing the pound to hit the upside resistance as high as 2.0760s to reverse back to the downside until the major support level at 2.0515. Yet the pound indicated the neutral trend with minor tendency to the downside. The trading range for today might be between the key resistance level at 2.0770 and the key support level at 2.0480.The general trend is up as far as 1.9950 remains intact targets now at 2.1170 and 2.1420
We expect selling sterling below 2.0660 with a target at 2.0520 stop loss above 2.0700.

jpy

The dollar against the Japanese yen tended to the downside last week hitting a new low at key support level at 107.40s extending the downside channel. Despite it reversing back to the upside in the last trading sessions, the technical directional studies still give the continuation pattern to the downside. The trading range for today will be between the key resistance at 109.00 and the key support at 107.00.The general trend is down as far as 118.00 remains intact, targets at 106.45 and 104.80.
We expect selling USD/JPY below 108.50 with a target at 107.40, stop loss above 109.00.