by JustForex
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.
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.
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.
The strategy for the GBP/USD currency pair remains unchanged – buying from the support levels. The next target is 1.3996.
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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.
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.
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.
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.
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.
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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