EURUSD — The EURUSD Tests Support 1.2880
The UK and U.S. had a bank holiday yesterday, thus the markets’ liquidity was low, thus it didn’t contribute to the stable (or unstable) movements’ formation. Consequently, the currency was sluggishly trading in narrow ranges, including the EURUSD as well, which spent the entire day between the 1.2915 and 1.2948 levels. During the Asian session, the rate dropped to the support at 1.2880, but managed to return to the starting position soon. Thus, the pair’s overall picture hasn’t undergone any changes, the situation remains the same: the pair itself remains under pressure, but it manages to confidently stay above the support in the levels proximity of 1.2900-1.2880, as well as above the 50-day MA. The Parabolic SAR is still below the price chart. In general, the range of 1.2880-1.3000 was formed there, whose breakdown would indicate the movement direction in the pair.
The GBPUSD attempted to increase above 1.5142. It managed to do it, but not for long. Having tested the 1.5156 level, the pair came under pressure again and dropped to 1.5087. Having rebounded to the level of 1.5114, the GBPUSD pair closed the yesterday’s trading day. during the Asian session, speculators were purchasing the U.S. dollar. As a result, the pair decreased to 1.5063, but managed to recover to the levels that preceded by the decrease. Thus, the pair is still holding above the punched resistance line, keeping the growth potential. A drop below 1.5050 significantly worsen the prospects for the pound.
Like most of the currency pairs, the USDCHF pair spent the whole boring day yesterday in a narrow range. The level of 0.9592 was the low of the day, the high — 0.9647. During the Asian session, the pair managed to increase to 0.9685, and after a pullback to 0.9655, the pair returned to the previous level. Thus, the dollar has found a strong support near the 96th figure, enhanced by the 100-day MA and this time, it is approaching the 97th figure. If it has been passed, this would confirm the uptrend resumption, as well as the drop below 0.9600 — this would weaken the U.S. currency.
The USDJPY bears failed to break the bulls’ defense near the support at 100.70. This time, the bulls returned to the market, and the pair increased again, having reached the level of 102.05. According to the daily chart, the pair is no longer overbought both on the weekly and monthly charts, the RSI is still in the overbought zone, thus it’s not the fact that the ongoing dollar’s increase will continue. However, if the 102.60 resistance has been passed, it would jeopardize the pair’s highs near 103.70. The drop below 100.66 may be the confirmation of the pair’s downward correction.
