by JustForex
The ECB spokesperson Visco said that the rising debt of the EU will boost European capital markets. But once the crisis is over, debt reduction should be accelerated. According to economists, the ECB will start to reduce its stimulus program in December.
From the technical point of view, the EUR/USD on the hour timeframe is bullish. The MACD indicator became negative. Under such market conditions, traders should consider buying positions from the support levels near the moving average or from the buyer’s initiative areas. It is best to look for sell trades from the resistance levels of the higher timeframe.
Alternative scenario: if the price breaks down through the 1.1573 support level and fixes below, the mid-term uptrend will likely be broken.
Economists forecast the UK economy to increase by 6.8% in 2021; 5.0% in 2022, and the increase in interest rates will not occur until the first quarter of 2022.
On the hourly time frame, the GBP/USD trend is bullish. The British currency looks more confident than the euro due to a direct correlation with oil prices. The MACD indicator has become inactive. Buy trades should be considered only within the day and only from the initiative zone of the buyers. It is better to look for sell deals from the resistance levels of the higher timeframe, but after an additional confirmation in the form of a sellers’ initiative, because the buyers’ pressure is still higher.
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Alternative scenario: if the price breaks down through the 1.3648 support level and consolidates below, the bullish scenario is likely to be broken.
The national core CPI in Japan increased by 0.1% (forecast 0.1%, previous 0.0%). Inflation expectations in Japan are not rising as fast as in Europe and the USA. Therefore, the Bank of Japan will maintain a monetary policy as long as possible.
The main trend of the USD/JPY currency pair is bullish. At the moment, the price is trading flat and has formed false break zones on both sides. The MACD indicator has become inactive. Under such market conditions, it’s better to look for buy positions from the support levels near the moving average or the buyers’ initiative zones on the lower timeframes. Sell positions should be considered from the resistance levels of a higher timeframe, given there is sellers’ initiative.
Alternative scenario: if the price falls below 112.19, the uptrend is likely to be broken.
The Canadian dollar is a commodity currency, so USD/CAD is highly dependent on the dynamics of the dollar index and oil prices. The dollar index sharply increased yesterday, while oil prices decreased. As a result, the USD/CAD currency pair added 0.4% due to the strengthening of the US currency.
From the technical point of view, the trend of the USD/CAD currency pair is bearish. The narrowing of liquidity in the form of a triangle occurred in the direction of buying. The MACD indicator has become positive. Under such market conditions, it is better to look for sell deals from the resistance levels near the moving average. Buy trades should be considered only on lower time frames from the initiative zone of buyers near the triangle breakout point.
Alternative scenario: if the price breaks out through the 1.2518 resistance level and fixes above, the uptrend will likely resume.
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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