by JustForex
The EUR/USD currency pair
- Prev Open: 1.2088
- Prev Close: 1.2125
- % chg. over the last day: +0.30%
The sellers could not hold the 1.2088 resistance level, which was impulsively broken by the FOMC news. The uptrend remains bullish. The price is above the moving average, and the growing MACD is in a positive area. There are no signs of a reversal at the moment.
- Support levels: 1.2088, 1.2049, 1.1994, 1.1957
- Resistance levels: 1.2176, 1.2212, 1.2243
The best strategy for the EUR/USD pair is to look for buying from the nearest support levels. The price can pull back to the broken level of 1.2088, which will act as support. Buyers should not let the price go below 1.2088 in order to maintain the upward momentum.
Alternative scenario: if the price breaks down through the 1.2088 level and holds below, with a high probability, the price can go down to 1.2049, with a potential to start a local downtrend correction.
- – Unemployment Rate, Germany at 10:55 (GMT+3);
- – Consumer Price Index, Germany at 15:00 (GMT+3);
- – Gross Domestic Product, U.S. at 15:30 (GMT+3).
The GBP/USD currency pair
- Prev Open: 1.3911
- Prev Close: 1.3941
- % chg. over the last day: +0.21%
The British currency showed strong growth on Wednesday, adding 0.21%. At the opening on Thursday, the price broke through the 1.3944 resistance level, which would act as a support. Also, there is the formation of the local uptrend channel.
- Support levels: 1.3944, 1.3913, 1.3864, 1.3835, 1.3794, 1.3756, 1.3690
- Resistance levels: 1.3996, 1.4149
The strategy for the GBP/USD currency pair remains unchanged – buying from the support levels. The next target is 1.3996.
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.
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Alternative scenario: if the price breaks down the support level of 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.
- – Gross Domestic Product, U.S. at 15:30 (GMT+3).
The USD/JPY currency pair
- Prev Open: 108.63
- Prev Close: 108.59
- % chg. over the last day: -0.03%
The USD/JPY currency pair failed to break through the resistance level of 109.04. The price showed a rapid downward reaction, indicating the presence of a large seller. The upward local trend line has also been broken, so the price is moving now to the support levels.
- Support levels: 108.54, 108.19,107.77, 107.47, 107.04, 105.92
- Resistance levels: 108.87, 109.04, 109.36
The price is above the moving average, but the MACD is falling. Under such market conditions, it is possible to go both long and short. It all depends on which timeframe is chosen for trading. On the intraday timeframes, traders can open short positions, on the H1 timeframe it is preferable to look for opening buy positions from the support levels.
Alternative scenario: if the price drops below 108.19 again, with a high probability, the general downtrend will continue.
- – Gross Domestic Product, U.S. at 15:30 (GMT+3).
The USD/CAD currency pair
- Prev Open: 1.2402
- Prev Close: 1.2310
- % chg. over the last day: -0.07%
The Canadian dollar continues to strengthen against the U.S. currency. The dynamics of the USD/CAD currency pair is strictly downward. The price is below the moving average, and MACD is in the negative area without any signs of divergence.
- Support levels: 1.2280, 1.2165
- Resistance levels: 1.2343, 1.2388, 1.2414, 1.2488, 1.2519, 1.2574
The most correct strategy for the USD/CAD pair is to look for sell positions from the resistance levels. On such a strong trend, the price will not pull back deeply.
Alternative scenario: if the price breaks through the 1.2414 resistance level and holds above, with a high probability, a local corrective uptrend will be formed.
- – Gross Domestic Product, U.S. at 15:30 (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.
- 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
- Profit-taking is observed on stock indices. The data on wages in Australia haven’t met expectations Nov 13, 2024
- USD/JPY at a Three-Month Peak: No One Opposes the US Dollar Nov 13, 2024
- Can Chinese Tech earnings offer relief for Chinese stock indexes? Nov 13, 2024
