Major Technical Analysis

euro


euro
The European currency yesterday declined in the first trading session to stay below the major support level at the major upside trend line to reach the levels of 1.4520s. However, the currency managed to reverse back to the upside replacing the bearish pattern with a bullish one to close in a positive form to indicate to the upside potential. The trading range for today might be between the key resistance level at 1.4750 and the key support level at 1.4450. 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 1.4600 with a target at 1.4690, stop loss below 1.4545.

gbp

The British pound yesterday rallied to the upside direction after it hit the deep support at 2.0180s; but since the pound touched the major trend line it rapidly reversed back to the upside with heavy bullish orders to put the pound up at the opening level forming a major reversal pattern setting the upside target at 2.0470s in the short term period. The trading range for today might be between the key resistance level at 2.0400 and the key support level at 2.0100.The general trend is up as far as 1.9950 remains intact targets now at 2.1170 and 2.1420
We expect buying sterling above 2.0260 with a target at 2.0370 stop loss below 2.0180.

jpy

The dollar against the Japanese yen jumped in the upside trend yesterday since it failed to breach the key support level at 110.50. This move resulted in a key adjustment in the technical patterns to show the potential for the pair to hit the major resistance level at 112.00. The trading range for today will be between the key resistance at 112.50 and the key support at 109.80.The general trend is down as far as 121.30 remains intact, targets at 108.30 and 106.80.
We expect buying USD/JPY above 111.20 with a target at 112.00, stop loss below 110.70.