by JustForex
The EUR/USD currency pair raised by 0.59% on Tuesday and continued to rise in the Asian session today. The European currency is strengthening due to a fall in the dollar index, which reached its lowest level of late February yesterday.
The trend is still bullish. The price is trading above the moving average, but there is a divergence on the MACD indicator on the higher timeframes. Traders should look for buy positions, but with short targets, since the price has deviated quite strongly from the moving average, which, like a magnet, will pull the price back. A correction can begin at any moment.
Alternative scenario: if the price breaks down through the 1.2138 support level and holds below, the general uptrend is likely to be broken.
The British pound, like the euro, continues to rise. On Tuesday, the price reached another resistance level, where there was a small reaction from sellers. Probably, these are the first signs for closing of previously opened buy positions.
Technically, the trend remains bullish. The price is still above the moving average and the MACD indicator is in the positive area but a divergence appeared on the H4 timeframe, which is the first sign of correction. Buyers should close their positions.
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 broke down through the most important support level of 109.01, activating an alternative scenario of downward movement. The uptrend is broken.
The price has consolidated before reaching the support level of 108.87. But taking into account the lack of buyers’ reaction, this level is likely to be broken. Traders should look for sell deals from the resistance levels.
Alternative scenario: if the price rises above 109.41, the general uptrend is likely to resume.
The USD/CAD currency pair price movement begins to slow down. Sellers are no longer showing activity, the price lows are updated. It looks like the beginning of a corrective movement.
For USD/CAD, the general trend is still bearish. But the MACD indicator has a divergence on the H4 timeframe, so traders should think about closing sell positions. It’s too early to talk about buying, at least until the price breaks out through one resistance level.
Alternative scenario: if the price breaks out through the 1.2137 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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