Wednesday, October 28

Daily Technical Analysis – Action Forex


Current level – 1.0939

The currency pair failed to stay above the 1.0960 support zone and at the time of writing the analysis is trading slightly below the mentioned level. The first support for the currency pair in the downward direction is the level at 1.0885, where the bulls would find a reason to enter the market. During the last trading day for this week there are no economic news and statements that could affect the currency pair.

Resistance Support
intraday intraweek intraday intraweek
1.0960 1.1080 1.0880 1.0650
1.1015 1.1140 1.0770 1.0560


Current level – 107.55

– advertisement –

Here we see a bit of a hesitation of the market participants, and at the moment no clear direction can be determined. The unconfirmed break of the resistance at 107.70 was limited at the next static resistance 108.00. Due to this, one of the more possible scenarios is the formation of a narrow range movement between 107.40-108.00. The BOJ interest rate decision from the early hours of the day to leave the rates unchanged did not surprise the markets and did not have much of an impact on the movement of the currency pair.

Resistance Support
intraday intraweek intraday intraweek
107.70 109.00 107.37 106.80
108.00 110.00 106.80 106.45


Current level – 1.2210

The currency pair failed to overcome the resistance level at 1.2300 twice, as bullish momentum faded. We are currently observing a consolidation below the resistance level at 1.2235 and the sentiment is rather negative, so a break of the next support at 1.2175 is likely. If this scenario does not materialise, it is possible to witness the start of a range-bound movement in the 1.2175-1.2300 channel. The most important economic news for the UK which could affect the currency pair, is the data for retail sales for April (06:00 GMT).

Resistance Support
intraday intraweek intraday intraweek
1.2235 1.2365 1.2176 1.2070
1.2300 1.2465 1.2070 1.1960

Leave a Reply