The Analytical Overview of the Main Currency Pairs on 2020.02.17

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.08405
  • Open: 1.08404
  • % chg. over the last day: -0.01
  • Day's range: 1.08336 – 1.08417
  • 52 wk range: 1.0879 – 1.1572

The EUR/USD currency pair has stabilized after a prolonged decline. At the moment the trading instrument is consolidating near the three-year lows. The local support and resistance levels are 1.08250 and 1.08650, respectively. Investors are concerned about the weakening of economic growth in Europe. The financial markets continue to be under pressure from the rapidly spreading coronavirus in China. Nevertheless, we do not rule out technical correction of EUR/USD quotes in the nearest future. We recommend opening positions from key levels.

No important economic releases are planned today. The US financial markets are closed due to the holiday.

EUR/USD

The indicators signal the sellers' strength: the price has fixed below 50 MA and 100 MA.

The MACD histogram is in the negative zone, which indicates a bearish sentiment.

The stochastic oscillator is in the neutral zone, the %K line has crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.08250, 1.08000
  • Resistance levels: 1.08650, 1.09000, 1.09400

If the price fixes below 1.08250, further decline of EUR/USD quotes is expected to 1.08000-1.07700.

Alternatively, the quotes could grow to 1.09000-1.09200.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.30422
  • Open: 1.30322
  • % chg. over the last day: -0.08
  • Day's range: 1.30260 – 1.30536
  • 52 wk range: 1.1959 – 1.3516

GBP/USD quotes are in a flat. There is no defined trend. Sterling is testing key support and resistance levels: 1.30100 and 1.30650, respectively. Financial markets participants are waiting for additional drivers. GBP/USD currency pair has potential for further growth. Positions should be opened from key levels.

The news background on the UK economy is calm.

GBP/USD

The indicators point to the strength of buyers: the price has fixed above 50 MA and 100 MA.

The MACD histogram is in the positive zone but below the signal line, which gives a weak signal to buy GBP/USD.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates a bearish sentiment.

Trading recommendations
  • Support levels: 1.30100, 1.29850, 1.29400
  • Resistance levels: 1.30650, 1.31000, 1.31400

If the price fixes above 1.30650, expect the quotes to grow toward 1.31000-1.31200.

Alternatively, the quotes could descend toward 1.29700-1.29500.

Open Account

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.32665
  • Open: 1.32500
  • % chg. over the last day: -0.11
  • Day's range: 1.32337 – 1.32508
  • 52 wk range: 1.2949 – 1.3566

USD/CAD currency pair continues to trade in Flat. There is no defined trend. At the moment, local support and resistance levels are acting: 1.32350 and 1.32600, respectively. The trading instrument has a potential for further decline. We recommend you to pay attention to the oil price dynamics. Positions should be opened from key levels.

The Canadian financial markets are closed due to the holiday.

USD/CAD

The indicators signal the sellers' strength: the price has fixed below 50 MA and 100 MA.

The MACD histogram is in the negative zone, which indicates a bearish sentiment.

The Stochastic Oscillator is located in the oversold area, the %K line crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.32350, 1.32000
  • Resistance levels: 1.32600, 1.32800, 1.33000

If the price fixes below 1.32350, expect further correction toward 1.32000.

Alternatively, expect growth toward 1.3200-1.33000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.813
  • Open: 109.846
  • % chg. over the last day: +0.04
  • Day's range: 109.719 – 109.853
  • 52 wk range: 104.45 – 113.53

The Japanese yen continues to be traded in a long flat. The technical pattern is ambiguous. Currently, the following local support and resistance levels can be distinguished: 109.600 and 109.900, respectively. Investors are waiting for additional drivers. We recommend you to keep track of current information about the epidemic in China. Positions should be opened from key levels.

Yen is under pressure due to a weak report on Japanese GDP. According to preliminary data, in the fourth quarter growth slowed down by 1.6% (QoQ). Experts predicted a decline by 0.9%.

USD/JPY

Indicators do not give an accurate signal: 50 MA crossed 100 MA.

MACD histogram is near the 0 mark. No signals at the moment.

The Stochastic Oscillator is located in the overbought area, the %K line is above the %D line, which gives a weak signal to buy USD/JPY.

Trading recommendations
  • Support levels: 109.600, 109.300, 109.100
  • Resistance levels: 109.900, 110.150

If the price fixes below 109.600, USD/JPY sales should be considered. Potential movement towards 109.300-109.100.

Alternatively, the quotes could grow of USD/JPY currency pair to 110.100-110.300.

by JustForex, 2020.02.17

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.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
10 most stable forex pairs to trade in 2021
If you are interested in forex but have never tried trading before, sooner or later, you come across the question of what currency pair is safe to trade so that you don’t lose half of your deposit on your first position. And the answer is as simple as can be, the safest currency pairs are the most stable ones. Read on to learn which currency pairs are the best to start your trading journey.
Read more
Best Gold Trading Tips For Beginners
Gold is one of the most popular assets traded worldwide by investors, funds, and speculators who aim to profit from the price fluctuations or stand up against inflation. Unfortunately, many market participants fail to catch the wave and take full advantage of what the gold market can offer due to the lack of knowledge and experience. Are you planning to become the next gold trader? Learn how to trade gold in the most profitable way.
Read more
How to Become a Successful Forex Trader in Malaysia
With broad access to online brokerage services, everyone can become a trader these days. However, few people actually find success in FX. The reason might be that many of those who try trading skip some essential steps or simply do things wrong. Learn about the best ways to become a currency trader in Malaysia from this article.
Read more