by JustForex
The euro fell slightly against the US dollar as part of the technical correction on Friday. As trading volumes were significantly reduced at the end of the week, the currencies of the 10 group entered a correction phase.
The main scenario for EUR/USD is selling. The technical picture looks bearish. The MACD is near zero, and divergence has formed, which indicates an approaching correction. The ADX reacted strongly to the southern impulse, indicating an increase in bearish pressure.
Alternative scenario: if the price manages to gain a foothold above the level of 1.1915, the pair may return to growth to 1.1990.
The sterling declined on Friday amid correction of the US dollar. The pressure on the British currency is taking place due to the AstraZeneca vaccine situation, which may undermine the vaccination program in the UK.
The main scenario for GBP/USD is selling. The pair has come close to the first support level. As long as the price is below the moving averages, the risk of a breakdown is high. However, the ADX shows a decrease in the southern trend’s potential and a divergence formed on the MACD. It indicates a possible temporary stop in the southern movement.
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Alternative scenario: if the pair consolidates above 1.3800, the pound may move upward to 1.3848.
The dollar-yen pair rose on Friday amid a correction in the dollar index and US Treasuries, the yield of which rose to 1.65%. The market has seen a decrease in demand for defensive assets, including gold, Swiss franc, and yen.
The main scenario is trading in a sideways range. The price is still fixed below the moving averages. The MACD is near zero, and convergence has formed on the chart, which indicates a possible stop of the decline. At the same time, the ADX shows a decline in the bearish trend potential. By a combination of factors, there is a signal for sideways movement within the day.
The alternative scenario implies the price fixing above 109.90. In this case, the pair may resume growth to 110.32.
The pair continues to trade in a narrow sideways range, as oil quotes have stabilized around $59 per barrel. The slight decline was due to the continued decline in the dollar index.
The main scenario is trading in a sideways range between 1.2554 and 1.2629. Specifications are mixed. Price is stuck between the moving averages. The MACD is near zero. However, the ADX shows a strong reaction to the decline in quotations, which indicates a potential risk of a breakdown of the first support level.
Alternative scenario: if the price manages to consolidate below 1.2554, the pair may resume its decline to 1.2501. A breakout of 1.2629 would indicate an advance to 1.2646 or higher.
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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