The EURUSD Trading Below the 35th Figure
Despite the weakness of the U.S. currency, the EURUSD is not able to continue its growth and still stays in a phase of consolidation. Yesterday the pair`s currency rate declined from resistance of 1.3544 to support of 1.3479. The pair is currently being traded below the 35th figure. The Parabolic SAR is above the price chart on the 4-hour timeframe. The lack of progress in the upward momentum development could trigger a more massive profit-taking and, therefore, leads to pair decrease. In this case, the bears may test the support around 1.3415-1.3397. A drop below would weaken the bullish momentum.
The GBPUSD May Be Corrected Below
The bears` enthusiasm on the GBPUSD has also curbed. The pair hesitantly rose to 1.6072, and then fell to 1.6016. So, now it is under pressure. Most speculators` activity is low. The Parabolic SAR is above the price chart on the 4 hour time frame that can be a precursor to a larger decline in the pair, at least to support around 1.5986-1.5922. Without endangering the uptrend, the pair may be corrected up to 1.5750. To breakout the current highs and rising above the bulls do not have clearly enough incentives, and they are unlikely to appear in the near future. So, it is early to expect its growth.
The USDCHF Drifting Near the 91st Figure
There are no any volunteers to sell the USDCHF from the 91st figure or to buy it. Therefore, during yesterday the pair was traded slightly higher or lower then this level, without being able to move in one direction or another. The bears` inability to traverse through the support and be consolidated lower then it could trigger profit taking and resumption of the dollar. Then its currency rate will rise to 0.9200-0.9218. If it rises, the bearish momentum will be weaken, and traversing through the resistance of 0.9454 would mean formation of base at the current levels, reversal and upward trend development.
The USDJPY Approaching 99.00
Yesterday the USDJPY currency rate traversed through the support at the level of 99.00 and fell to 98.64. Nevertheless, this movement failed to be developed, and today the U.S. is trying to get back to the traversed level. Therefore, uncertainty towards the pairs remains. On the one hand, the bulls on the pair can start to open long positions at the current levels if they have not reached better levels for buying, and then resumption of the uptrend happens. On the other – the bulls` inability to develop upward momentum could trigger profit-taking, and then the dollar will fall to 97.00 at least. We can only wait to see how to market makers behave themselves.
