The Analytical Overview of the Main Currency Pairs on 2021.02.08

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.1963
  • Prev Close: 1.2045
  • % chg. over the last day: +0.68%.

The EUR/USD has rebounded sharply after negative statistics from the States but remains below the important level of 1.2059, which is the border of the previous trading range. Given the yield on bonds in the credit market, where German Bonds are still lagging behind American Treasuries, the development of the northern correction remains a big question mark.

Trading recommendations
  • Support levels: 1.1952, 1.1799
  • Resistance levels: 1.2059

The main scenario for trading the EUR/USD is cautious buying. Technical indicators have rearranged northward. The ADX showed significant gains during the rebound. As long as the price is above the moving averages, buying will be relevant.

Alternative scenario: if the price consolidates below the level of 1.2017, the pair may return to 1.1952.

There is no news feed for today.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.3667
  • Prev Close: 1.3734
  • % chg. over the last day: +0.49%

The sterling showed mixed results on Friday. On the one hand, it rose following the decline in the dollar index. On the other hand, the growth has turned out to be less than in the euro, which calls into question the strength of the British currency. The pair stalled again near annual highs, indicating strong resistance around 1.3750.

Trading recommendations
  • Support levels: 1.3609, 1.3565
  • Resistance levels: 1.3757

The main scenario for the GBP/USD is trading sideways between 1.3757 and 1.3680. Despite the rapid growth Thursday through Friday and the price-fixing above the moving averages, the situation remains ambiguous. The ADX reacts very weakly to the pair's growth. It gives a reason to believe that further growth will be limited by the resistance level of 1.3757.

Alternative scenario: if the pair consolidates above 1.3757, it is likely to continue rising to 1.3800. A breakthrough of 1.3680 will bring the pair back to the downtrend scenario and the 1.3609 level.

There is no news feed for today.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 105.53
  • Prev Close: 105.36
  • % chg. over the last day: -0.16%

The dollar-yen pair stopped after the disappointing data on the US labor market was revealed. Although, the decline in the dollar index hardly affected the pair. Stock growth and bond yields were supported by the bulls. In this light, a correction can be expected after a three-week rise, but there are no signals for a complete price reversal in the market so far.

Trading recommendations
  • Support levels: 104.82, 104.40
  • Resistance levels: 105.77, 106.12

The main scenario is buying after a pullback. The ADX has fallen sharply after entering the overbought area, and the pair has slowed down. The price is near the moving averages. The MACD is close to zero. These are signs of sideways trading for some time or a short-term decline.

An alternative scenario implies the price-fixing below 104.82. In this case, the pair may decline to 104.40.

There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.2822
  • Prev Close: 1.2752
  • % chg. over the last day: -0.55%

The pair dropped significantly on Friday. The growth of quotations on the oil market continued to put pressure on the instrument, and disappointing statistics in the US increased this pressure. As a result, the price closed near the week’s lows.

Trading recommendations
  • Support levels: 1.2737, 1.2683
  • Resistance levels: 1.2844, 1.2879

The main scenario is selling. The ADX shows the average values of the downside potential. Taking into account the position of the other indicators, the downward movement will remain in force as long as the price is below 1.2844.

Alternative scenario: if the price manages to gain a foothold above 1.2844, the pair may resume its growth to the resistance level of 1.2875 or higher.

There is no news feed for today.

by Justforex, 2021.02.08

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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