by JustForex
The EUR/USD currency pair
- Prev Open: 1.2129
- Prev Close: 1.2119
- % chg. over the last day: -0.08%.
The EUR/USD on Friday fell to the support level, but the disappointing data from the University of Michigan brought the pair back to weekly highs. Inflation expectations in the US are growing much faster, which puts pressure on the US dollar.
- Support levels: 1.2081, 1.2059
- Resistance levels: 1.2155, 1.2189
The main scenario for trading the EUR/USD is buying on a decline. The ADX has slightly reacted to the rise of the pair in the Asian session, but the oscillator is directed upwards. This indicates the likelihood of gradual growth. As long as the price is above the moving averages, long positions will be relevant.
Alternative scenario: if the price manages to consolidate below the level of 1.2118, the pair may return to the area of 1.2081 – 1.2059.
The GBP/USD currency pair
- Prev Open: 1.3812
- Prev Close: 1.3847
- % chg. over the last day: +0.25%
The sterling continues to set its annual highs, gradually moving towards the round 1.4000. The market continues to ignore the negative data in the UK, but growth is accelerating due to the decline in the dollar. As a result, the pound remains the leader in the foreign exchange market, showing the largest gains against the dollar.
- Support levels: 1.3775, 1.3757
- Resistance levels: 1.3900, 1.4000
The main scenario for trading the GBP/USD is buying on a decline. The decline on Friday was interrupted during the American session. At the end of the day, a bullish engulfing pattern was formed on the daily candlestick. This indicates strong upward momentum. But the ADX has already entered the short-term overbought area, which increases the likelihood of a pullback to the moving averages in the 1.3830 area.
Free Reports:
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
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.
Alternative scenario: if the pair consolidates below 1.3830, it may return to 1.3775.
The USD/JPY currency pair
- Prev Open: 104.72
- Prev Close: 104.92
- % chg. over the last day: +0.19%
The dollar-yen showed a slight increase on Friday. Despite the decline in the dollar index, the pair managed to close the day in positive territory amid rising bond yields and the stock market. The risky assets set a new record, which supported the growth of quotations.
- Support levels: 104.40, 103.56
- Resistance levels: 105.68, 106.12
The main scenario is trading in a sideways range between 104.95 – 104.40. Specifications have barely changed since Friday. There are slight signs of growth, but the move is likely to be slow. The ADX shows almost no reaction to price growth.
An alternative scenario assumes the price-fixing above 104.95. In this case, the pair may rise to 105.68. A breakеthrough of 104.40 could send the pair down to 103.56.
The USD/CAD currency pair
- Prev Open: 1.2700
- Prev Close: 1.2686
- % chg. over the last day: -0.11%
After a correctional pullback, the pair moved to a sharp decline. The oil market saw a surge in prices, as a result of which the black gold rose in price by about 2.5%. The Canadian dollar strengthened, and a bearish engulfing pattern was formed on the daily chart.
- Support levels: 1.2666, 1.2590
- Resistance levels: 1.2781, 1.2844
The main scenario is selling. The ADX and the MACD showed a significant reaction to the last wave of decline. Although the price has stopped near the 1.2666 support level, forming a local “double bottom” pattern, the probability of a breakdown and further decline remains.
Alternative scenario: if the price manages to gain a foothold above 1.2701, the pair may resume its growth to the resistance level of 1.2762.
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.
- Bitcoin has dropped below $70,000. The Bank of Mexico held its rate at 7% Feb 6, 2026
- Gold Closes with a Decline for the Second Week in a Row: Fewer Risks Feb 6, 2026
- The British Index has hit a new all-time high. Silver has plummeted by 16% Feb 5, 2026
- GBP/USD Under Local Pressure: Focus on Bank of England Signals Feb 5, 2026
- Bitcoin has plummeted to a 14-month low. Silver jumped by more than 10% Feb 4, 2026
- Gold is Back in the Black: Geopolitics Dictates Conditions Again Feb 4, 2026
- US natural gas prices collapsed by 21%. The RBA raised its interest rate by 0.25% Feb 3, 2026
- What goes up must come down… Feb 2, 2026
- Donald Trump appoints a new successor for the Fed chair. Precious metals hit by sell-off Feb 2, 2026
- USDJPY Realises Correction: BOJ Policy Weighs on Yen Feb 2, 2026
