The Analytical Overview of the Main Currency Pairs on 2018.02.07

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.23667
  • Open: 1.23754
  • % chg. over the last day: +0.10
  • Day's range: 1.23631 – 1.23859
  • 52 wk range: 1.0492 – 1.2537

Yesterday there was a variety of trends on the EUR/USD currency pair. Weak reports on the US economy were published. However, despite this, the US currency began to strengthen against the recovery in the stock markets. At the moment, the trading instrument is consolidating in the range of 1.23600-1.23900. We recommend opening positions above/below the key support and resistance levels.

Today, the publication of important news on the US economy and the Eurozone is not expected.

EUR/USD

The price has fixed below 50 MA and 200 MA, which indicates a bearish sentiment.

The MACD histogram is close to 0. There are no signals at the moment.

Stochastic Oscillator is located in the neutral zone, the %K line is below the %D line, which signals to sell EUR/USD.

Trading recommendations
  • Support levels: 1.23600, 1.23300, 1.23000
  • Resistance levels: 1.23900, 1.24300, 1.24700

If the currency pair fixes below the local support of 1.23600, we recommend considering sales. The movement is tending potentially to the round level of 1.23000.

Alternative option. If the EUR/USD quotes overcome the mark of 1.23900, we recommend looking for entry points to the market to open long positions. The movement is tending potentially to the round level of 1.24300-1.24700.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.39562
  • Open: 1.39447
  • % chg. over the last day: -0.01
  • Day's range: 1.39187 – 1.39583
  • 52 wk range: 1.2106 – 1.4345

Yesterday, the GBP/USD currency pair showed a variety of trends. At the moment, the technical pattern is ambiguous on the GBP/USD currency pair. Investors took a wait-and-see position before the meeting of the Prime Minister Theresa May`s "War Cabinet" and the meeting of the Bank of England. We recommend you to follow the news. At the moment, the trading instrument is consolidating in the range of 1.39300-1.39700. The positions must be opened from these marks.

Today, the news feed on the UK economy is calm.

GBP/USD

Indicators indicate the power of sellers. The price has fixed below 50 MA and 200 MA, which indicates a bearish sentiment.

The MACD histogram began to decline, which gives a weak signal to sell GBP/USD.

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which signals to sell GBP/USD.

Trading recommendations
  • Support levels: 1.39300, 1.38800, 1.38400
  • Resistance levels: .39700, 1.40300, 1.41000

If the price fixes below the support level of 1.39300, we recommend considering sales of GBP/USD. The movement is tending potentially to 1.38800-1.38400.

Alternative option. If the price fixes above the resistance level of 1.39700, it is necessary to look for entry points to the market to open long positions. The target movement level is round level of 1.40300-1.40500.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.25354
  • Open: 1.24911
  • % chg. over the last day: -0.27
  • Day's range: 1.25082 – 1.25160
  • 52 wk range: 1.2059 – 1.3795

Yesterday, there was a variety of trends on the USD/CAD currency pair. The Canadian dollar was under pressure due to a weak report on the trade balance in Canada and the index of business activity from Ivey, which turned out to be below the forecasted values. At the moment, the USD/CAD quotes are being traded in flat. The key trading range is 1.25000-1.25300. Positions must be opened below/above these marks.

Today, the news feed on Canada's economy is calm.

USD/CAD

The price is testing 50 MA, which is a strong dynamic support.

The MACD histogram is near the 0 mark. There are no signals.

Stochastic Oscillator is located in the neutral zone, the %K line is below the %D line, which gives a weak signal to sell USD/CAD.

Trading recommendations
  • Support levels: 1.25000, 1.24600, 1.24000
  • Resistance levels: 1.25300, 1.25700, 1.26000

If the price fixes below the round level of 1.25000, we recommend considering sales of USD/CAD. The movement is tending potentially to 1.24600-1.24300.

An alternative is the growth of the USD/CAD quotes to the level of 1.25700-1.26000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.070
  • Open: 109.534
  • % chg. over the last day: +0.48
  • Day's range: 108.923 – 109.017
  • 52 wk range: 107.33 – 115.51

Yesterday, there were high volatility and trading activity on the USD/JPY currency pair. The US dollar began to strengthen against the Japanese yen after the situation on the stock markets improved. The demand for safe assets declined. As a result, the USD/JPY quotes increased by more than 100 points. At the moment, the currency pair began to drop. The key support and resistance levels are 108.900 and 109.200, respectively. Positions must be opened above/below these levels.

The news feed on Japan's economy is calm.

USD/JPY

The price has fixed below 50 MA and 200 MA, which indicates a bearish sentiment.

The MACD histogram is in the negative zone and continues to decline, which gives a strong signal to sell USD/JPY.

Stochastic Oscillator is located in the oversold zone, the %K line is crossing the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 108.900, 108.600, 108.300
  • Resistance levels: 109.200, 109.700, 110.000

If the price fixes below the support level of 108.900, it is necessary to consider sales of USD/JPY. The movement is tending potentially to 108.600-108.300.

An alternative may be the growth of the USD/JPY currency pair to 109.700-110.000.

by JustForex, 2018.02.07

We recommend you to get acquainted with the daily overview of the news feed.

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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