by JustForex
On Thursday, the EUR/USD currency pair continued to grow and added 0.48%. A lot of macroeconomic statistics from Europe are expected today. Volatility will be higher.
The trend is still bullish. The price is trading above the moving average. The MACD indicator returned to the positive area. The best entry points to join the uptrend took place yesterday. Catching the trend is much more difficult. Traders need to wait for a pullback to the support level.
Alternative scenario: if the price breaks down through the 1.2138 support level and holds below, the general uptrend is likely to be broken.
At the moment, the British pound is strongly correlated with the euro. The GBP/USD price increased by 0.6% yesterday. The upward trend will continue in the near future.
The trend remains bullish. The price is above the moving average. The MACD indicator has entered the positive area. It is recommended for traders to look for buy deals from the support levels.
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Alternative scenario: if the price breaks down through the 1.4075 support level and holds below, the bullish scenario is likely to be canceled.
Buyers could not keep the price above the support level of 108.87. The downtrend is likely to continue. This week, the head of the Bank of Japan announced a possible increase in stimulus measures for a faster economic recovery. Such a step will have a negative impact on the national currency.
On the H1 timeframe, the trend remains bearish, and the price is trading below the moving average. The MACD indicator has shifted into the negative area with no signs of divergence. Traders are better to look for sell positions from the resistance levels.
Alternative scenario: if the price rises above 109.40, the general uptrend is likely to resume.
The USD/CAD currency pair could not break out through the change priority level of 1.2137. Sellers pushed the price down confidently, and this movement was impulsive, indicating an increase of the sales.
The MACD indicator is back below 0. The price is trading below the moving average, the downtrend continues. The best strategy for traders under such market conditions is to work within the trend and look for sell deals from the resistance levels.
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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