Major Technical Analysis

euro

The European currency yesterday rallied to the upside direction after it reversed back from the significant support level as low as 1.4650s to the major upside trend line to hold the Euro up until the major resistance level at 1.4740s with high volume. This indicates the upside potential for today to set the target at 1.4830s resistance level if the currency succeeds passing the important resistance level at 1.4770s.
The trading range for today might be between the key resistance level at 1.4858 and the key support level at 1.4600.
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 1.4680 with a target at 1.4780, stop loss below 1.4630.

gbp

The British pound yesterday moved in the upside channel in a strong bullish movement since it failed to breach the key support level at 2.0340s to drive through the upside wave hitting the levels of 2.570s; opening a new chance for the pound to retest the major upside resistance at the point of 2.650s. The pound today might progress towards the upside as well.
The trading range for today might be between the key resistance level at 2.0650 and the key support level at 2.0360.
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 2.0440 with a target at 2.0550 stop loss below 2.0380

jpy

The dollar against the Japanese yen rallied towards the upside since it faced a solid support level yesterday at 110.70s causing it to reverse its direction rapidly to the upside. Therefore the pair opened the chance to move towards the 112.80s level to extend the wave after that until the levels of 113.40.
The trading range for today will be between the key resistance at 113.40 and the key support at 110.50
The general trend is down as far as 121.30 remains intact, targets at 106.45 and 104.70.