by JustForex
On Friday, the EUR/USD currency pair rose by 0.85%. The main bullish impulsive move was after the US unemployment report, which turned out unpleasant for the American currency.
The price confidently broke through the 1.2108 level and held above. The mid-term trend is bullish again. Traders should look only for buy positions, but it is not the most optimal entry point now. The price has strongly deviated from the moving average, which will pull it back.
Alternative scenario: if the price breaks down through the 1.2108 support level and holds below, the general uptrend is likely to be broken.
Considering the decline in the dollar index, the GBP/USD price also rose on Friday. A confident mid-term uptrend has formed now without any signs of a reversal.
The best strategy on the GBP/USD currency pair would be to look for buy positions from the support levels. But taking into account the strong bullish momentum, the price will not pull back deeply, so traders should consider long deals on intraday timeframes as well.
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Alternative scenario: if the price breaks down through the 1.3913 support level and holds below, the bullish scenario is likely to be canceled.
The USD/JPY currency pair impulsively fell on Friday after the release of the “non-farm” report. However, the buyers managed to hold the support level of 108.44 and the price slightly recovered its positions by the end of the trading session.
The price is trading below the moving average, the MACD is still in the negative area, but showing signs of recovery. Under such market conditions, it is possible to work in both directions, “long” from the support or “short” from the resistance levels. But if the dollar index continues to fall, the USDJPY will form a mid-term downtrend.
Alternative scenario: if the price drops below 108.44, the general downtrend is likely to resume.
At the end of the trading session on Friday, the USD/CAD currency pair broke through another support level and held under it. Only the 1.2075 support level, which is the minimum of 2017, remained below.
The trend remains bearish for USD/CAD. But the MACD indicator is already signaling about 2 divergences (mid-term and local). Considering that the Canadian dollar was the weakest of all the major currencies on Friday, it shows that sellers become less active and traders should close their short positions. But it’s too early to look for long deals because there is no initiative from the buyers yet.
Alternative scenario: if the price breaks through the 1.2321 resistance level and holds above, a local corrective uptrend is likely to form.
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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