by JustForex
On Tuesday, the EUR/USD currency pair updated its 4-month high. The price broke out and held above the 1.2243 upper border of the range. The breakout occurred on an impulsive move, and then the price tested this level from the opposite side. This is a good sign of the trend’s continuation. The German business activity statistics released yesterday were positive. The Eurozone economy is gradually recovering after the pandemic.
The trend is still bullish. The price is above the change priority level of 1.2138 and above the moving average. But there is a strong deviation from the average, and the MACD indicator is showing a hidden divergence. Under such market conditions, traders can look for both buying from the support levels and selling with short targets in case of a correction.
Alternative scenario: if the price breaks through the 1.2168 support level and fixes below, the general uptrend is likely to be broken.
The British pound was unable to break out from its range unlike the euro. The price is still trading in the middle of a wide flat with a range of 1.4110-1.4207. The euro looks stronger.
The trend remains bullish. The price is above the moving average. The MACD indicator is still inactive. It is recommended for traders to look for long positions from the lower border of the range or look for sell positions from the resistance level of 1.4207, where sellers hold the defense well.
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Alternative scenario: if the price breaks through the 1.4075 support level and consolidates below, the bullish scenario is likely to be canceled.
The USD/JPY currency pair has formed a flat with a range of 108.66-109.00. At the moment, the price is in the middle of this corridor, which complicates the search for good entry points.
On the H1 timeframe, the trend remains bearish, and the price is trading below the moving average. The MACD indicator is still inactive. Under such market conditions, traders are better to look for sell positions from the resistance levels. It is also possible to consider long positions, but only within an uptrend on the lower timeframes.
Alternative scenario: if the price rises above 109.40, the general uptrend is likely to resume.
The USD/CAD currency pair is still trading in a narrow flat, with sellers slowly moving the price down to the lower border of 1.2032. Considering the background of the dollar index fall, the downtrend may strengthen again.
The price is trading below the moving average, and the trend remains bearish. The MACD indicator has become inactive. At the moment, the best strategy for the USD/CAD currency pair is to wait. It is possible to sell within the trend, if the price consolidates below the support level of 1.2032 again. It is too early to look for long positions, since there is no significant initiative from the buyers.
Alternative scenario: if the price breaks out through the 1.2137 resistance level and fixes 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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