by JustForex
The EUR/USD currency pair is in the wide range of 1.2168-1.2243. Yesterday, the price tested the priority change level, but buyers managed to defend their positions. Fundamental data in Europe indicates that the Eurozone economy is recovering, but there is a slight acceleration in inflation, which is a restraining factor for the euro.
The trend remains bullish. The price is trading near the moving average. The MACD indicator has become inactive. Under such market conditions, it is better to look for buy trades from the support levels, relying on the continuation of the price growth. But it should not be missed that the price is inside a wide corridor.
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 the wide corridor of 1.4110-1.4207. On Tuesday, the price tested the lower boundary of the range, where there was a sharp bounce with an impulsive move. This is a good sign for a continuation of the uptrend. Fundamental indicators also speak in favor of strengthening the British currency.
For the GBP/USD currency pair, the trend remains bullish. The price is trading near the moving average, the MACD indicator has become inactive. Under such market conditions, traders are better to look for buy trades from the nearest support levels. Now the price is in the middle of a wide flat, so it is better to look for entry points on lower timeframes.
Alternative scenario: if the price breaks through the 1.4075 support level and consolidates below, the bullish scenario is likely to be canceled.
On Wednesday, the USD/JPY currency pair broke out of a narrow flat and moved higher after a reverse test. At the moment, the Japanese Yen looks the weakest among the major forex currencies.
At the moment, the mid-term trend is bullish. The price is above the moving average and the priority change level of 109.00. Under such market conditions, traders are better to look for buy trades from the support levels, relying on the continuation of the price growth. The weakness of the US dollar index is a limiting factor for growth. When both currencies show weakness, as a rule, the price forms a wide flat range.
Alternative scenario: if the price falls below 109.00, the general downtrend is likely to resume.
The USD/CAD currency pair fell to the lower boundary of the range and tested the false breakdown zone. A price move below this area will continue the bearish medium-term trend. It is important now for the buyers to defend the support level of 1.2032.
The local downtrend line has not yet been broken, so the trend remains bearish. Under such market conditions, traders are better to look for both sell trades from the nearest resistance levels and buy trades from the support levels, but only on intraday timeframes within the upside momentum. But it should be noted that the price is inside a wide corridor of 1.2032-1.2137.
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.
By JustMarkets At Tuesday’s close, the Dow Jones Index (US30) was up 0.52%. The S&P…
By RoboForex Analytical Department The AUD/USD pair climbed to 0.6192 midweek, reflecting cautious optimism in…
By JustMarkets At the end of Monday, the Dow Jones Index (US30) was up 0.86%.…
By RoboForex Analytical Department The USD/JPY pair entered a consolidation phase on Tuesday, following modest…
By Jay L. Zagorsky, Boston University and H. Sami Karaca, Boston University Capitalism, communism and…
By JustMarkets At the end of Friday, the Dow Jones Index (US30) fell by 1.63%…
This website uses cookies.
