by JustForex
The EUR/USD currency pair is slowly correcting higher. The Manufacturing Purchasing Managers’ Index in Western Europe is growing, which indicates a gradual improvement in the economic climate. At the moment, the fundamental picture plays in favor of strengthening the European currency.
The price is trading above the level of 1.1920 but below the moving average line. The MACD indicator is inactive again. The trend is still bearish, but sellers’ pressure is weak. Under such market conditions, traders can look for both sell trades from resistance levels and buy trades from support levels with short targets.
Alternative scenario: if the price breaks through the 1.2144 resistance level and fixes above, the general uptrend is likely to resume.
The UK economy continues to gain momentum. Inflation in the UK equals 2.1%. This indicator is ahead of the central bank’s target, so the Bank of England is likely to keep the monetary policy and interest rate unchanged today.
The GBP/USD trend is bearish on the H1 timeframe. However, the price has returned to the moving average, while the MACD indicator has become inactive. Under such market conditions, traders are better to look for both sell trades from the resistance levels and buy trades from the support levels on the intraday timeframes. Volatility will be higher today.
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Alternative scenario: if the price breaks out through the 1.4101 resistance level and consolidates above, the bearish scenario is likely to be canceled.
The USD/JPY currency pair gained 0.32% yesterday. But now, the price has reached a strong resistance level, which sellers are actively defending. The fundamental picture remains mixed, as both currencies show weakness.
The trend remains bullish. The price is trading above the moving average. The MACD indicator is in the positive zone, but there are the first signs of divergence and sellers’ reaction to resistance levels. Under such market conditions, traders are better to look for both buy trades from support levels and sell trades from resistance levels, but only on lower timeframes.
Alternative scenario: if the price falls below 109.83, the general downtrend is likely to resume.
The USD/CAD currency pair remained at the same price levels as yesterday. Now the instrument is beginning to form a flat. The fundamental background remains mixed, with a slight advantage to the strengthening of the Canadian dollar, i.e., the fall of USD/CAD quotes.
Technically, the trend remains bullish. Now the price is trading near the moving average, and the MACD indicator has become inactive. Under such market conditions, it is best to trade on the lower timeframes. Buyers may look for trades from support levels. There are no optimal entry points for sales right now.
Alternative scenario: if the price breaks down through the 1.2190 support level and fixes below, the downtrend is likely to be resumed.
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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