Major Technical Analysis

euro

The European currency yesterday started in a bullish movement to reach the key area at 1.4750s; however, the low volume lead the currency back to the downside in a strong bearish patter to the ht the low at 1.4630s. This move is considered as a step ahead of the downside direction today until the levels of 1.4550s.
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 selling Euro below 1.4680 with a target at 1.4570, stop loss above 1.4730.

gbp

The British pound yesterday moved through the upside channel to hit the downside resistance line as high as 2.0520, before declining heavily to pass the key support level at 2.0400 to reach the 2.0320s. Therefore, we expect the pound today to drive through the downside channel until the key support area around 2.0250s.
The trading range for today might be between the key resistance level at 2.0440 and the key support level at 2.0200.
The general trend is up as far as 1.9950 remains intact targets now at 2.1170 and 2.1420
We expect selling sterling below 2.0380 with a target at 2.0270 stop loss above 2.0450.

jpy

The dollar against the Japanese yen rallied in the downside direction with high levels of volume to indicate the strength of the bearish move. The pair yesterday managed to hit the key support area around 110.50 showing the tendency to progress today in the same direction until the key level at 109.50s.
The trading range for today will be between the key resistance at 112.00 and the key support at 109.20.
The general trend is down as far as 121.30 remains intact, targets at 108.30 and 106.80.
We expect selling USD/JPY below 110.75 with a target at 109.80, stop loss above 111.30.