by JustForex
On Friday, the EUR/USD currency pair temporarily fell below the priority change level but failed to hold there. A strong reaction followed from the support level of 1.2138, and the price returned back to the moving average on the impulsive move.
The trend remains bullish, as the price has failed to consolidate below 1.2168 and returned back to the wide range of 1.2168-1.2243, forming a false breakdown. Now the price is accumulating near the moving average again. Under such market conditions, it is better for traders to look for buy trades from the support levels.
Alternative scenario: if the price breaks down through the 1.2168 support level and fixes below, the general uptrend is likely to be broken.
The British pound is still trading within a wide range of 1.4110-1.4207. Now the price is holding near the 3-month high and is pushing up to the upper boundary of the range. All this increases the probability of a possible breakout.
For the GBP/USD currency pair, the trend remains bullish. The price is above the moving average, the MACD indicator is inactive for now. On Friday, the price corrected a little bit to the moving average line, but the buyers quickly bought the pound back. Traders are better to look for buy trades on intraday timeframes. A breakout of the 1.4107 resistance level will open the way to 1.4338.
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Alternative scenario: if the price breaks down through the 1.4075 support level and consolidates below, the bullish scenario is likely to be canceled.
As expected, the USD/JPY currency pair corrected to the support level of 109.64. Despite the weakness of the dollar index, the price of USD/JPY is rising, indicating very low fundamental support for the Japanese currency.
At the moment, the mid-term trend has changed to bullish. The price is above the moving average and is supported by the local uptrend line. Under such market conditions, traders are better to look for buy trades from the support levels, relying on the continuation of price growth.
Alternative scenario: if the price falls below 109.00, the general downtrend is likely to resume.
The USD/CAD currency pair formed a narrow flat again within a wider range of 1.2032-1.2137. A breakout from this range will activate an alternative scenario and break the medium-term downward dynamics.
At the moment, the price is trading right in the middle of the wide corridor, which makes it difficult to find good entry points. The local trend line does not allow the sellers to lower the price. Under such market conditions, traders are better to look for trades on intraday timeframes only. But it is worth opening a sell position only after a breakdown of the local trend line.
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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