by JustForex
After the ECB meeting, the euro rose even more than the previous day. The committee’s decision disappointed investors. The initial decline in German Bonds yields was almost completely leveled off in the American session. This allowed the pair to exceed the first resistance level.
The main scenario for EUR/USD is trading in a sideways range between 1.1991 – 1.1907. The ADX dropped to its lowest levels. But the MACD and moving averages indicate the likelihood of continued growth. Mixed data gives a neutral signal. The upward movement is likely to slow down or the southern pullback to the 100 SMA moving average will begin to develop.
Alternative scenario: if the price manages to gain a foothold above the level of 1.1991, the pair may return to growth to 1.2113. A break at 1.1908 could push the pair towards 1.1799.
Sterling’s slow recovery stopped at the resistance level and the pair moved to a decline in the Asian session. An increase in volatility can be expected during the day after the publication of data on GDP and manufacturing output.
The main scenario for GBP/USD is trading sideways between 1.3997 and 1.3857. The ADX shows a slight increase in the potential of the northern direction, which indicates the weakness of the bulls. As long as the price holds above the moving averages, fixing above the resistance level is still possible, but the probability is low.
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Alternative scenario: if the pair consolidates above 1.3997, it resumes growth to the highs of the year. A breakdown of 1.37857 could send the price up to 1.3775.
The rise in risky assets supports the bulls in the dollar-yen pair. Despite the decline in the dollar index, the pair closed the day in positive territory. Medium-term expectations for the growth of the instrument are strengthening from a fundamental point of view.
The main scenario is buying. In the Asian session, the price rises, while the ADX shows the strength of the bullish potential above the average. The MACD is also starting to signal the beginning of an upward movement. The probability of a breakout of the first resistance level has increased.
An alternative scenario implies the price-fixing below 108.35. In this case, the pair may return to the decline to 107.08.
The Canadian currency has shown the highest volatility among the majors. A breakdown of the weekly range from top to bottom took place, which was facilitated by the growth of oil prices. A solid rally in the oil market may continue to put pressure on the pair.
The main scenario is selling. The pair has left the sideways range and moved to the south. The ADX showed high potential for the southern direction, which indicated a possible continuation of the fall to the second support level.
Alternative scenario: if the price manages to gain a foothold above 1.2592, the pair may return to the previous weekly range with the upper border at 1.2745.
by JustForex
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