Daily technical outlook

EURUSD

The euro has been relatively quiet against the dollar on yesterday, its rally from the 1.4250 region has been capped at 1.4360 and the daily bar has closed a few points below the open rate. The pair trades into the same region as 24 hours ago therefore we look at the same support and resistance levels. While the intra-day sentiment is slightly bearish, the short-term momentum remains positive as the current bullish structure is under development. Extended pullbacks may reach lows below yesterday's bottom but the 1.4210 and 1.4170 level will probably limit such losses. On the upside, first intra-day barrier is formed by a descending trend line coming from 1.4445, now seen into the 1.4350 region. Above 1.4350 comes 1.4375 and 1.4445/50. The German Ifo Business Climate Index at 9:00 GMT may be a good catalyst on pushing the Euro higher. Current quote is 1.4305 @06:10 GMT

Support: 1.4250, 1.4210 and 1.4170
Resistance: 1.4350, 1.4375 and 1.4445/50


USDJPY

Another day on testing 94.00, yet another day closing a few points higher - while the 94.00 mark provides a stable support, with its goods and its bads such as the few spikes below down to 93.40, the signs of a potential dollar recovery against the Yen are quite obvious. 95.00 has to be taken out in order to confirm the beginning of a correction. While 95.00 is intact, expect more pressure on the support region around the 94.00 handle. Intra-day sentiment is positive at the time of writing this and first target is set at 94.60. A break above should open 95.00 which is were the key resistance stands. Current quote is 94:25 @06:10 GMT

Support: 94.00, 93.40/50 and 93.00
Resistance: 94.50/60, 95.00 and 95.50/70


GBPUSD

Channel's support into the 1.6300-1.6330 zone is under pressure as the cable has reached a fresh low at 1.6305 a bit earlier today. A potential break down below the said bottom line could confirm a reversal of the current medium term uptrend. Another channel is formed on the hourly charts, but on the opposite direction (downwards), as seen on the hourly chart below. A break above the resistance band around 1.6385, out of the hourly channel, should favor further gains towards 1.6500, into a 'safe zone' far from the notable support of 1.6300/30. Current quote is 1.6342 @06:10 GMT

Support: 1.6300/30, 1.6250 and 1.6200
Resistance 1.6385/00, 1.6450 and 1.6500