by JustForex
Compared to Friday, the situation is almost unchanged. At the moment the EUR/USD currency pair is trading in a narrow corridor. From the fundamental point of view, the remaining soft monetary policy from the Fed plays in favor of strengthening the euro, and for the situation to change, the labor market data should show a dynamic to the pre-crisis levels.
The price is trading above the level of 1.1920 but below the moving average line. The MACD indicator is inactive. 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 out through the 1.2144 resistance level and fixes above, the general uptrend is likely to resume.
The GBP/USD currency pair again declined slightly by the end of the day. Coronavirus restrictions in the United Kingdom are still holding back business activity in various sectors of the economy, but many analysts are confident that the British currency will strengthen in the second half of the year.
The GBP/USD trend is bearish on the H1 timeframe. The price is trading near the moving average, while the MACD indicator is in the negative zone, but with signs of a reversal. 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.
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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 slightly corrected to the nearest support level, where the buyers still manage to keep the pressure of sellers. The fundamental picture remains mixed, as both the dollar index and the Japanese yen are showing weakness at the moment.
The trend remains bullish. The price is trading above the moving average. The MACD indicator is inactive. Under such market conditions, traders are better to look for buy trades from support levels. Sell positions can be considered on intraday timeframes after breakdown of support level 110.47.
Alternative scenario: if the price falls below 109.83, the general downtrend is likely to resume.
The USD/CAD currency pair formed a narrow flat. For the continuation of the uptrend it is important for the buyers to break out through the resistance level of 1.2312. But 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 buy trades from support levels. There are no optimal entry points for sell trades 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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