by JustForex
The EUR/USD currency pair
- Prev Open: 1.1855
- Prev Close: 1.1872
- % chg. over the last day: +0.15%
Yesterday, the EUR/USD currency pair was traded in the range of 1.1815-1.1880 and showed a positive trend of 0.15%. This morning the pair is growing. An uptrend is observed on the chart, which indicates the predominance of purchases on this asset. On the hourly timeframe, the price is being traded above the moving average MA 200. On the H4 timeframe, the situation is similar. The MACD indicator is in the positive zone. Based on the above, it is worth considering buy positions while the price is above MA200 on the H1 timeframe.
- Support levels: 1.1880, 1.1815, 1.1758
- Resistance levels: 1.1890, 1.1920
The main scenario for trading EUR/USD: look for buy entry points. If the price breaks through and fixes above 1.1890, one should consider purchases. After breaking through the 1.1890 mark, quotes may go to the level of 1.1920.
Alternative scenario: if the price fixes below 1.1815 on the H1 timeframe, the currency pair is likely to decline to 1.1758. There is also a possibility of price manipulation at the 1.1890 level. In case of a false breakout of this level, the price may fall to the level of 1.1815.
- – Speech by ECB President Lagarde at 10:15 (GMT+2).
The GBP/USD currency pair
- Prev Open: 1.3272
- Prev Close: 1.3261
- % chg. over the last day: -0.08%
Yesterday, the GBP/USD currency pair was traded in the range of 1.320-1.3270 and closed the day with a result of -0.08%. On the hourly chart, GBP/USD is being traded above the moving average MA (200) H1. The situation is similar on the four-hour chart. The MACD indicator is in the positive zone. Based on the above, it is necessary to look for buy entry points while the currency pair remains above MA 200 H1.
- Support levels: 1.3195, 1.3165, 1.3108
- Resistance levels: 1.3278, 1.3312
The main scenario: look for buy entry points. We recommend considering purchases on correction on lower timeframes. The movement is tending to the level of 1.3312. If GBP/USD quotes fix above the level of 1.3312, the price may go to the level of 1.3500.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
Alternative scenario: if the price fixes below the moving average MA 200 on H1, then the asset may fall to $1.3165.
- – UK retail sales at 9:00 (GMT+2).
The USD/JPY currency pair
- Prev Open: 103.83
- Prev Close: 103.74
- % chg. over the last day: -0.08%
Yesterday, the USD/JPY currency pair was traded in the range of 103.70-104.20 and closed the day with a result of -0.08%. Today the currency pair is being traded at yesterday’s close. On the hourly chart, the USD/JPY currency pair has fixed below the MA line (200). On the four-hour chart, the situation is similar. The MACD indicator is in the negative zone. Based on the above, one should probably consider sales while the pair remains below MA 200 on H1.
- Support levels: 103.65, 103.18
- Resistance levels: 104.21, 104.35, 105.12
The main scenario for trading USD/JPY is considering selling an asset. If the price breaks the 103.65 level and fixes below it, then the currency pair may move to 103.18.
The alternative scenario assumes consolidation above 104.21, with further growth to 105.12 (November 16 high).
- The news feed is calm today.
The USD/CAD currency pair
- Prev Open: 1.3082
- Prev Close: 1.3072
- % chg. over the last day: -0.07%
Yesterday, the USD/CAD currency pair closed with a result of -0.07%. Today the pair is being traded at yesterday’s close. On the H1 timeframe, USD/CAD is below the moving average MA 200. On the four-hour chart, the price is below the moving average. At the moment, on the currency pair, there is a prolonged consolidation in the range of 1.3060-1.3110. If the price breaks through and fixes below the trading channel, we may consider sales of the asset.
- Support levels: 1.3060, 1.3033
- Resistance levels: 1.3118, 1.3170
The main scenario: if the price breaks through and fixes below the level of 1.3060, it is worth considering selling with a target up to 1.3033.
Alternative scenario: if the price breaks through the level of 1.3117 and fixes above the MA 200 on H1, one should consider a buy position to the level of 1.3170.
- – Canada core retail sales index at 15:30 (GMT+2).
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.
- Stock indices have hit all-time highs. The Australian labor market is starting to cool down May 16, 2024
- Target Thursdays: USDInd, Soybean & EU50 hit targets! May 16, 2024
- JPY has sharply strengthened May 16, 2024
- PBoC kept the interest rate unchanged. The US stock indices rise despite rising manufacturing inflation May 15, 2024
- Meme-stock mania: Will GameStop, AMC stocks surge even higher? May 15, 2024
- Euro climbs to five-week high ahead of US CPI data May 15, 2024
- Australia will release its annual budget today. Rising inflation expectations hurt US stock indices May 14, 2024
- JPY declines again May 14, 2024
- Trade of the Week: CHINAH to extend lead as Asia’s winner? May 13, 2024
- The German index has hit an all-time high. China sees rising consumer inflation May 13, 2024