by JustForex
Yesterday, the EUR/USD pair was traded in an uptrend and showed a dynamic of 0.42%. An uptrend is observed on the chart, which indicates the predominance of purchases on this asset. 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’s worth considering only buy positions while the price is above MA 200 on H1.
The main scenario for trading EUR/USD is looking to buy entry points. Now the price is trying to gain a foothold above 1.1963. If the price is fixed above this mark, quotes may move to the level of 1.2000. Also, the correction of the currency pair to the trend line is likely to begin, so we recommend looking for entry points to buy on lower timeframes from the trend line.
Alternative scenario: if the price fixes below 1.1939 on the H1 timeframe and below MA 200 on H1, the currency pair is likely to decline to 1.1905.
Concerns about the lack of a deal influence on the pound. Citing an EU diplomat, on Friday, Reuters reported that EU ambassadors had called out the European Commission to urgently present emergency measures for reneging on a deal. In addition, British Prime Minister Boris Johnson noted that significant and important disagreements remain to be resolved during the negotiations, and said the UK can thrive with or without a deal. On Friday, the GBPUSD pair was traded in a downtrend and showed -0.33%. On the hourly chart, GBP/USD is being traded above the moving average MA (200) H1. The situation is similar on the four-hour chart. The MACD indicator is in the negative zone at H1. There is still an uptrend. Based on the above, it is necessary to look for buy entry points while the currency pair remains above MA 200 H1.
The main scenario: look for buy entry points. If the price is able to break the trend line and fix above it, the pair may go to the level of 1.3398. If the price fixes above 1.3398, quotes may go to the level of 1.3482. It is also worth noting that divergence is drawn on the MACD on the H4 timeframe. This may signal the beginning of a pair correction.
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Alternative scenario: if the price fixes below 1.3315, then the asset may fall to $1.3195.
On Friday, the currency USD/JPY was fixed below the level of 104.22, closing the day with a result of -0.18%. On the hourly chart, the USD/JPY currency pair has fixed below the moving average MA (200). On the four-hour chart, the price is below MA 200. MACD indicator on H1 is in negative zone. Based on the above, you can try to look for sell entry points on corrections on lower timeframes.
The main scenario: consider selling an asset. It’s better to look for entry points on price corrections to the trend line and to 104.22. The price may fall to the level of 103.65. It should be taken into account that divergence is drawn on H1, which may indicate a price reversal and the beginning of an upward movement.
An alternative scenario assumes consolidation above the level of 104.22 with a further rise to the level of 104.75.
On Friday, the USD/CAD currency pair was traded in a downtrend and closed with a result of -0.19%. On the H1 timeframe, USDCAD is below the moving average MA 200. On the four-hour chart, the price is below the moving average. Based on the above, it is worth considering selling an asset. It is also worth paying attention to the divergence on H1.
The main scenario: we recommend considering the sale of an asset. If the price breaks through and fixes below the level of 1.2985, it is better to look for a sell entry point. The target is 1.2928.
Alternative scenario: if the price is able to break through the upward trend line and the level of 1.3028, and consolidate above the 200 moving average of the period on H1, you can consider a buy position to the level of 1.3091.
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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