Major Technical Analysis

euro

The European currency rallied to the upside direction yesterday after it reversed back from the significant support level as low as 1.4630s to the upside trend line to hold the euro up until the major resistance level at 1.4760s in high volume to indicate the upside potential for today setting the target at the 1.4830s resistance level. The trading range for today might be between the key resistance level at 1.4880 and the key support level at 1.4640. 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 1.4735 with a target at 1.4830, stop loss below 1.4690.

gbp

The British pound yesterday declined in a strong bearish movement since it failed to pass the key resistance level at 2.0670s to drop down hitting the levels of 2.0560s opening a new chance for the pound to retest the major upside trend line at the point of 2.0460s support. Today, the pound might progress towards the downside as well. The trading range for today might be between the key resistance level at 2.0680 and the key support level at 2.0400.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 2.0480 stop loss above 2.0640.

jpy

The dollar against the Japanese yen depreciated to the downside direction yesterday with high levels of volume in a very strong bearish pattern since it couldn't breach the main resistance level two days ago at the minor downside trend line at 111.00 to arrange a downside trend. Today we expect the pair to progress towards the downside as well. The trading range for today will be between the key resistance at 110.50 and the key support at 108.50The general trend is down as far as 121.30 remains intact, targets at 106.45 and 104.70.
We expect selling USD/JPY below 109.90 with a target at 108.80, stop loss above 110.50