by JustForex
Yesterday, the EUR/USD currency pair was traded upward and showed a positive trend of 0.25%. This morning the pair is being traded in a narrow daily range near the previous day’s close price: 1.1797 – 1.1812. If you look at the chart, a technical analysis figure of an Ascending Triangle is drawn now. On the hourly timeframe, the price is being traded above the moving average MA 200. On the H4 timeframe, the situation is similar. The MACD indicator is in the positive zone. Based on the above, it is probably worth considering purchases while the price is above MA 200.
The main scenario for trading EUR/USD is continued growth towards 1.1832 (November 11 high)
Alternative scenario: if the price fixes below MA 200 on the H1 timeframe, the currency pair is likely to decline to 1.1620.
Yesterday, the GBP/USD currency pair was traded downward and closed the day with -0.67%. Today, the currency pair has been trading in the range of $1.3105-50. On the hourly chart, GBP/USD is testing the MA 200 line on the H1 timeframe. The situation is similar on the four-hour chart. The MACD indicator is still in the negative zone. Based on the above, it is probably worth looking for buy entry points, while the GBP/USD is still above MA 200 H1.
The main scenario for trading GBP/USD: if the price fixes above the level of 1.3140, GBP/USD quotes can move to the level of $1.3228 (November 12 high).
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Alternative scenario: if the price fixes below the moving average MA 200 on H1, then GBP/USD may fall to $1.2915.
Yesterday, the USD/JPY currency pair was traded downward and showed a 0.27% fall. The currency pair has fallen slightly today, dropping to Y104.85. On the hourly chart, USD/JPY is still being traded above the MA 200 on the H1 timeframe. On the four-hour chart, the pair remains below the MA 200 on the H4 timeframe. Based on the above, it is worth looking for buy entry points at the end of the correction, while the price remains above MA 200 H1.
The main scenario for trading USD/JPY is the continuation of the upward movement to the level of 105.67 (November 11 high).
An alternative scenario assumes consolidation below MA 200 H1, followed by a decline to 103.20 (Nov 9 low).
Yesterday, the USD/CAD pair was traded upward and closed with +0.63%. Today, the pair has also increased slightly, rising to $1.3170. On the H1 timeframe, the pair broke through the MA 200. On the four-hour chart, the price has not yet tested the moving average. Based on the above, it is worth looking for buy entry points at the correction, while the price remains above MA 200 H1. We recommend paying attention to how the price will behave when approaching the moving average on the H4 timeframe.
The main scenario for trading USD/CAD: it is necessary to look for a buy entry point upon a pullback to the level of 1.3080, on the H1 timeframe. The currency pair may reach the level of 1.3297.
Alternative scenario: if the price breaks through the level of 1.3080 and fixes below the MA 200, you can consider a sell position to the level of 1.2928.
by JustForex
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.
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