Major Technical Analysis

euro
The European currency failed to move in the upside direction as it faced a solid resistance level at 1.4750s to take the euro down until the levels of 1.4660s support area. In the meantime, the technical oscillators have adjusted to show the downside direction today as it formed some bearish signals which opened a channel until the major support level at 1.4550s.

The trading range for today might be between the key resistance level at 1.4800 and the key support level at 1.4500.

The general trend is up as far as 1. 3860 remains intact targets now at 1.5000 and 1.5230.

gbp
The British pound yesterday fluctuated in the downside direction to hit the low at the strong support area near the 1.9650s. Nevertheless, the pound tried to gather bullish momentum as it remained trading above the important area at 1.9700; hence we expect the pound today to move in the upside direction as the technical directional indicated.

The trading range for today might be between the key resistance level at 1.9900 and the key support level at 1.9500.


The general trend is up as far as 1.9460 remains intact targets now at 2.1170 and 2.1450.
We expect buying sterling above 1.9675 with a target at 1.9800 stop loss below 1.9620.

jpy

The dollar against the Japanese yen last time rallied in the upside direction with high levels of volume to hit the major resistance 109.70s. However, it declined in the last session consolidating around the 109.00 levels due to lower volume. Today the pair is expected to move in the bullish side slightly.

The trading range for today will be between the key resistance at 111.00 and the key support at 106.80.

The general trend is down as far as 121.30 remains intact, targets at 112.40 and 111.20.