Major Technical Analysis

euro

The European currency started with a bearish day last week since it lacked bullish momentum which played a significant role in taking the euro down to reach the important support level at 1.4630s, creating a new downside correction. Today we expect the euro to progress towards the downside correction. The trading range for today might be between the key resistance level at 1.4750 and the key support level at 1.4520. The general trend is up as far as 1. 4270 remains intact targets now at 1.5000 and 1.5370

gbp

The British pound drove through the downside channel last week since it was unable to breach the major resistance level at 2.0700 to reverse back to the downside in terms of correctional movements to extend the downside channel for today. The trading range for today might be between the key resistance level at 2.0700 and the key support level at 2.0450.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 2.0585 with a target at 2.0490 stop loss above 2.0635.

jpy

The dollar against the Japanese yen rallied to the upside direction last Friday to set the upside target at 112.10 in form of an upside projection after it passed the key level at 110.70s. The technical parameters indicated the upside target as they confirmed the upside signals. The trading range for today will be between the key resistance at 112.50 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 111.00 with a target at 112.00, stop loss below 110.50.