by JustForex
The EUR/USD currency pair
- Prev Open: 1.2084
- Prev Close: 1.2091
- % chg. over the last day: +0.05%
On Tuesday, the EUR/USD currency pair was trading in a relatively narrow range. Sellers are actively defending the level of 1.2088, but taking into account the fact that the price broke through the local downtrend line by the impulse candles, there is little chance that this level will be held.
- Support levels: 1.2049, 1.1994, 1.1957
- Resistance levels: 1.2109, 1.2176, 1.2212, 1.2243
The uptrend remains bullish. The price is above the moving average and the MACD in the positive area. The best strategy for EUR/USD would be looking for buy positions from the nearest support levels. It is best to work on intraday timeframes because volatility is low before the news.
Alternative scenario: if the price breaks down through the 1.2049 level and holds below, with a high probability, the price can go down to 1.1994, thereby forming a flat with the range of 1.1994-1.2075.
- – ECB President Christine Lagarde Speaks at 17:00 (GMT+3);
- – FOMC Rate Decision at 21:00 (GMT+3);
- – FOMC Press Conference at 21:30 (GMT+3).
The GBP/USD currency pair
- Prev Open: 1.3889
- Prev Close: 1.3907
- % chg. over the last day: +0.01%
Buyers are actively defending the 1.3864 support level. This level coincides with the dynamic moving average, which adds more strength to it. The trend remains bullish without any signs of a reversal.
- Support levels: 1.3864, 1.3835, 1.3794, 1.3756, 1.3690
- Resistance levels: 1.3944, 1.3996, 1.4149
The strategy for the GBP/USD currency pair remains unchanged. Traders should look for long positions from the support levels. The nearest target, where the price is likely to go, is the 1.3944 resistance level.
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 breaks down the support level 1.3864 and holds below, the price will go to test the 1.3794 level. Moving below 1.3794 will temporarily cancel the bullish scenario on the current timeframe.
- – ECB President Christine Lagarde Speaks at 17:00 (GMT+3);
- – FOMC Rate Decision at 21:00 (GMT+3);
- – FOMC Press Conference at 21:30 (GMT+3).
The USD/JPY currency pair
- Prev Open: 108.06
- Prev Close: 108.73
- % chg. over the last day: +0.6%
After activating the alternative scenario, the USD/JPY pair moved into a local uptrend, which is growing into a full uptrend and may change the overall priority. The price broke through the moving average and held above it, while the MACD is in the positive zone without any signs of divergence.
- Support levels: 108.54, 108.19,107.77, 107.47, 107.04, 105.92
- Resistance levels: 109.04, 109.36
The price is forming a well-defined upward channel. The best strategy in these market conditions is to buy from an upward trend line within the channel, as well as from the support levels. The nearest target is the resistance level of 109.04, but if the growth dynamics remain bullish, it is likely to be broken through.
Alternative scenario: if the price drops below 108.19 again, with a high probability, the general downtrend will continue.
- – ECB President Christine Lagarde Speaks at 17:00 (GMT+3);
- – FOMC Rate Decision at 21:00 (GMT+3);
- – FOMC Press Conference at 21:30 (GMT+3).
The USD/CAD currency pair
- Prev Open: 1.2393
- Prev Close: 1.2400
- % chg. over the last day: +0.01%
On Tuesday, the USD/CAD currency pair was trading in a narrow flat. This often happens after an impulsive move. The trend remains bearish, but the MACD has begun to show the first signs of divergence.
- Support levels: 1.2379, 1.2280
- Resistance levels: 1.2431, 1.2488, 1.2519, 1.2574
The strategy for the USD/CAD pair is to wait for this narrow flat to be broken in one of the directions. But taking into account the general context, it is best to look for short positions, because the support level has not been reached yet.
Alternative scenario: if the price breaks out and holds above 1.2509, a local up-trend might be formed for at least a week.
- – Retail Sales at 15:30 (GMT+3);
- – ECB President Christine Lagarde Speaks at 17:00 (GMT+3);
- – FOMC Rate Decision at 21:00 (GMT+3);
- – FOMC Press Conference at 21:30 (GMT+3).
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
