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The EUR/USD traded lower on Monday. The level 1.1150 appeared to be well defended by sellers which turned the market around. The EUR/USD retreated from its monthly highs and moved downwards yesterday. The euro broke the levels 1.1100 and 1.1050 on its way downwards. After breaking 1.1050 the single currency moved lower, extending its losses. The resistance is seen at 1.1050, the support stands at 1.1000.

We do not see any signs of an upward bias resumption. The pair seems to be heading towards its immediate support right now. A move below 1.1000 will indicate a continuation of a downtrend. The 1.0950 level is the second sellers’ target.



The pound returned under pressure this week. After a gap downwards in the Asian session sellers drove the GBP/USD lower during the European hours. The price met a barrier around the 1.2400 level which slowed down its downward trajectory. The current resistance is seen at 1.2500, the support exists at 1.2400.

We guess the pair is to stay in red territory the near-term. To trigger additional downward movement the price needs to break the level – 1.2400.



The USD/JPY returned in bulls' hands yesterday. The price jumped at the open and rallied afterwards, the pair almost erases losses it suffered the previous week. Buyers met a barrier around 104.50, they struggled hard to reclaim the level but failed. The price remained around the mark the rest of the day. The resistance exists at the level 104.50, the support comes in at 104.00.

If the pair keeps climbing, the price will reach the level 105.00 in the nearest time. If the level 104.50 holds prices will retreat to 103.80.


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