by JustForex
Thursday was volatile for the EUR/USD currency pair, but the price remained at the same level at the end of the day. As expected, the ECB did not change its monetary policy and left the interest rate unchanged. Considering the fact that the Fed is not likely to cut its stimulus measures, it is a positive factor for the euro.
The price is slowly pushing up to the priority change level of 1.2112, which may be broken soon as the uptrend is likely to resume. However, until that happens, traders can look for both sell trades from the nearest resistance levels and buy trades from the support levels. It is better to look for long positions on the intraday timeframes.
Alternative scenario: if the price breaks out through the 1.2212 resistance level and fixes above, the general uptrend is likely to resume.
The GBP/USD currency pair increased by 0.44% on Thursday. Yesterday, during the inflation news release, the price tested the priority change level of 1.4075, but the buyers managed to defend this level with a sharp rebound reaction. Buyers’ pressure is much stronger now. As a lot of UK statistics are expected today, volatility will remain high.
At the moment, the price is trading above the moving average. The MACD indicator went into the positive area. The GBP/USD currency pair trend remains bullish, as the price is above the priority change level. The selling pressure has been exhausted. Under such market conditions, traders are better to look for buy trades from the support levels.
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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.
On Thursday, the USD/JPY currency pair remained in the 109.18-109.63 trading range. The currency pair is in a contradictory situation right now, as both the dollar index and the Japanese yen are showing weakness. When both currencies show weakness, the price of the currency pair is usually trading in a corridor.
Technically, the mid-term trend is bullish as the price is above the priority change level of 109.18. The price is trading near the moving average while the MACD indicator is inactive. Under such market conditions, traders can look for both buy trades from the nearest support levels and sell trades from the resistance levels.
Alternative scenario: if the price falls below 109.18, the general downtrend is likely to resume.
The USD/CAD currency pair is still trading within the 1.2032-1.2137 range. The inflation news has increased the volatility, which led to a slight strengthening of the Canadian dollar. But with the price trading in the middle of the range and near the moving average level, the situation makes it difficult to find good entry points.
Technically, the trend remains bearish. But the buyer’s pressure is slightly higher than the pressure of sellers. 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.
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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