Majot Technical Analysis

euro

The European currency depreciated yesterday in a major move with high levels of volume to reflect the strength of the movement but remained within the same consolidation area that the Euro has formed a couple of days ago. Nevertheless, the Euro is expected to reverse back to the upside as the technical indicators showed some upside potential.
The trading range for today might be between the key resistance level at 1.4750 and the key support level at 1.4550.
The general trend is up as far as 1. 4060 remains intact targets now at 1.4780 and 1.4960
We expect buying Euro above 1.4620 with a target at 1.4720 stop loss below 1.4570.

gbp

The British pound yesterday fluctuated within the consolidation area due to some restrictions ending the day in a bearish form. On the other hand, the pound has formed some bullish signals to clarify the upside direction for today.
The trading range for today might be between the key resistance level at 2.0600 and the key support level at 2.0300.
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 2.0380 with a target at 2.0520 stop loss below 2.0320

jpy

The dollar against the Japanese yen rallied to the downside direction yesterday in the morning sessions as it couldn't breach the major resistance level at 112.40s. Yet the pair extended the downside wave after it confirmed some bearish signals.
The trading range for today will be between the key resistance at 112.70 and the key support at 108.00.
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 112.60 with a target at 111.00, stop loss above 113.35.