by JustForex
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.
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.
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.
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.
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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.
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.
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.
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.
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.
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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