Major Technical Analysis

euro

The European currency started yesterday with a bearish pattern as it lacked enough bullish momentum to breach the key resistance level at 1.4840s. This move confirmed the correctional wave to show some tendency to reach the levels of 1.4600 support in the short term period. The trading range for today might be between the key resistance level at 1.4850 and the key support level at 1.4650. 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 1.4775 with a target at 1.4675, stop loss above 1.4845.

gbp

The British pound yesterday dropped massively due to the sell-off of the currency as the investors lacked trust in the upside wave which resulted in the pound giving the opportunity to the bears to take the pound down until the upside trend line levels at 2.0540s in the upcoming period. The trading range for today might be between the key resistance level at 2.0800 and the key support level at 2.0500.The general trend is up as far as 1.9950 remains intact targets now at 2.1150 and 2.1400.
We expect selling sterling below 2.0660 with a target at 2.0550 stop loss above 2.0720

jpy

The dollar against the Japanese yen moved in a balanced movement yesterday failing to break through neither the key resistance at 110.40 nor the support at 109.40. Nevertheless, the expected move for the pair today could be to the upside direction as the upside technical signals confirmed yesterday. The trading range for today will be between the key resistance at 111.50 and the key support at 108.20The general trend is down as far as 121.30 remains intact, targets at 106.45 and 104.80.
We expect buying USD/JPY above 109.70 with a target at 110.70, stop loss below 109.30.