by JustForex
The EUR/USD currency pair
- Prev Open: 1.2065
- Prev Close: 1.2115
- % chg. over the last day: +0.41%
Yesterday, the EUR/USD pair was traded in an uptrend and showed +0.41%. 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 currently in the positive zone at H1. Based on the above, it is worth considering only buy positions while the price is above MA 200 on H1.
- Support levels: 1.2039,1.2000, 1.1939, 1.1921, 1.1905, 1.1815
- Resistance levels: 1.2200
The main scenario for trading EUR/USD is looking to buy entry points. Yesterday, the price broke through the strong level of 1.2100 and fixed above it. It is best to look for buy entry points when the price rolls back to the trend line or to the level of 1.2039. With the opening of long positions, quotes can reach the level of 1.2200. It is also worth noting that divergence is observed on the H4 timeframe, which may signal the beginning of a pair correction.
Alternative scenario: if the price fixes below the level of 1.2039 on the H1 timeframe and below MA 200 on the H1, the currency pair may decline to the level of 1.2000.
- – Initial Jobless Claims in the US at 15:30;
- – US ISM Non-Manufacturing PMI at 17:00.
The GBP/USD currency pair
- Prev Open: 1.3410
- Prev Close: 1.3361
- % chg. over the last day: -0.36%
Yesterday, the GBP/USD currency pair was traded in a downtrend and showed -0.36%. 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 positive zone on H1. An uptrend is maintained. Based on the above, it’s probably worth holding to bull trading and as long as the currency pair remains above MA 200 H1, it’s necessary to look for buy entry points.
- Support levels: 1.3315, 1.3263, 1.3195, 1.3105
- Resistance levels: 1.3482, 1.3398, 1.3439
The main scenario: look for buy entry points. Yesterday, the currency pair rolled back to the level of 1.3315, after which it demonstrated growth again. Technically, the indicators signal the continuation of the uptrend movement. Buying an asset should be considered after the price breaks through and fixes above the level of 1.3398. With the opening of long positions, quotes can go to the level of 1.3439. It is also worth noting that divergence is observed on the MACD on the H4 timeframe. This may signal the beginning of a pair correction.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
Alternative scenario: if the price fixes below the level of 1.3315, then the asset may fall to 1.3263.
- – UK Composite PMI at 11:30;
- – UK Services PMI at 11:30;
- – Initial Jobless Claims in the US at 15:30;
- – US ISM Non-Manufacturing PMI at 17:00.
The USD/JPY currency pair
- Prev Open: 104.32
- Prev Close: 104.41
- % chg. over the last day: +0.08%
Yesterday, the USD/JPY currency pair was trading in an uptrend and closed the day with a result of +0.08%. On the hourly chart, the currency pair has fixed above the moving average MA 200. On the four-hour chart, the price is below MA 200. MACD indicator on H1 is in the negative zone. Based on the above, you can try to look for buy entry points.
- Support levels: 104.22, 103.84, 103.65
- Resistance levels: 104.75, 105.12
The main scenario: consider buying an asset. It is best to look for entry points when the price rolls back to the level of 104.22 and when a signal is generated on lower timeframes. With the opening of long positions, quotes can go to the level of 104.75.
An alternative scenario assumes consolidation below the level of 104.22 with a subsequent fall to the level of 103.84.
- – Initial Jobless Claims in the US at 15:30;
- – US ISM Non-Manufacturing PMI at 17:00.
The USD/CAD currency pair
- Prev Open: 1.2935
- Prev Close: 1.2919
- % chg. over the last day: -0.12%
Yesterday, the USD/CAD pair was traded in the range of 1.2915 – 1.2950 and closed with the result of -0.12%. On the H1 timeframe, USD/CAD 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.
- Support levels: 1.2910
- Resistance levels: 1.2928, 1.2985, 1.3010,1.3028, 1.3091, 1.3117, 1.3172
The main scenario: we recommend considering the sale of an asset. The price managed to fix below the level of 1.2928. It is best to look for a sell entry point when the price breaks through and fixes below the level of 1.2910. It is worth paying attention to the divergence on H1, which can tell us about the beginning of the pair correction.
Alternative scenario: if the price is able to break through the trend line and fix above the level of 1.2928, you can consider a buy position to the level of 1.2985.
- – Initial Jobless Claims in the US at 15:30;
- – US ISM Non-Manufacturing PMI at 17:00.
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.
- RoboForex Receives Best Introducing Broker Programme Award Nov 18, 2024
- The hawkish attitude of FOMC representatives puts pressure on stock indices. Oil is growing amid escalation in Eastern Europe Nov 18, 2024
- AUD/USD Stabilises Amid RBA’s Hawkish Outlook Nov 18, 2024
- COT Metals Charts: Speculator Changes led lower by Gold & Platinum Nov 17, 2024
- COT Bonds Charts: Large Speculator bets led by 2-Year & Ultra Treasury Bonds Nov 17, 2024
- COT Soft Commodities Charts: Large Speculator bets led by Corn & Soybean Oil Nov 16, 2024
- COT Stock Market Charts: Speculator Bets led by MSCI EAFE & VIX Nov 16, 2024
- The Dollar Index strengthened on Powell’s comments. The Bank of Mexico cut the rate to 10.25% Nov 15, 2024
- EURUSD Faces Decline as Fed Signals Firm Stance Nov 15, 2024
- Gold Falls for the Fifth Consecutive Trading Session Nov 14, 2024
