by JustForex
The euro continued to rise against the US dollar on the back of strong ZEW performance and higher yields on German Bonds. Also, the previous comments of Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen provide support for the bulls in the euro.
The main scenario for EUR/USD is buying. The technical picture looks bullish. The MACD is above zero, while convergence has formed, indicating a greater likelihood of growth. The ADX is reacting strongly to the northern impulse, showing a rise in bullish pressure.
Alternative scenario: if the price consolidates below the level of 1.1905, the pair may return to the decline to 1.1836.
The sterling rose on Tuesday amid continuing correction in the US dollar and strong manufacturing output. The Office for National Statistics reported industrial growth in February by 1.3%, while economists’ forecast was 0.5%.
The main scenario in GBP/USD is buying. The pair came close to the first support level and rebounded. The ADX reacted strongly to Tuesday’s northern impulse, indicating an increase in bullish pressure.
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Alternative scenario: if the pair consolidates below 1.3735, the pound may move to decline to 1.3680.
On Tuesday, the dollar-yen pair continued to decline amid a correction in the dollar index and US Treasuries, the yield of which fell to 1.63%. The market experiences an increased demand for defensive assets, including gold, Swiss franc, and yen.
The main scenario is selling. The price is still fixed below the moving averages. The MACD fell below zero, and convergence formed on the chart, indicating a continuation of the decline. The ADX shows the growth of the bearish trend potential. By a combination of factors, there is a signal for a further fall in the pair.
An alternative scenario implies the price fixing above 109.40. In this case, the pair may resume growth to 110.32.
Continuing to trade in a narrow sideways range, the pair came under pressure, as oil prices for WTI rose to $60.80 per barrel. The decline in the dollar index puts additional pressure on the pair.
The main scenario is trading in a sideways range between 1.2522 and 1.2629. Specifications are mixed. The price is below the moving averages, although the ADX has reacted to the northern impulse. The MACD is below zero. By a combination of factors, the signal is neutral.
Alternative scenario: if the price consolidates below 1.2522, the pair may resume its decline to 1.2501. A breakout of 1.2563 will indicate a further growth to 1.2626.
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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