Major Technical Analysis

euro

The European currency fluctuated in a balanced move yesterday below the key upside trend line; however, the technical oscillators studies pointed some reversal signals to take the Euro to the upside today depending on the high level of volume to cause a major breakthrough to the levels of 1.4710 resistance. The trading range for today might be between the key resistance level at 1.4780 and the key support level at 1.4870. The general trend is up as far as 1. 4270 remains intact targets now at 1.5000 and 1.5370.
We expect buying Euro above 1.4650 with a target at 1.4735, stop loss below 1.4610.

gbp

The British pound yesterday arranged a bullish move despite the downside tendency that appeared in the first trading session as the pound couldn’t breach the key support level at 2.0520s to set the upside target as the high as 2.0680s levels. Today we expect the pound to continue towards the upside direction. 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 buying sterling above 2.0640 with a target at 2.0720 stop loss below 2.0585.

jpy

The dollar against the Japanese yen showed a quiet movement last time due to the low volume however it managed a key drop to hit the important support at 110.05. On the other hand, the technical oscillator parameters placed some bearish signals yesterday to lead the pair to the downside. The trading range for today will be between the key resistance at 111.50 and the key support at 109.00The general trend is down as far as 121.30 remains intact, targets at 106.45 and 104.80.
We expect selling USD/JPY below 110.65 with a target at 109.50, stop loss above 111.10.