The Analytical Overview of the Main Currency Pairs on 2021.02.09

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.2037
  • Prev Close: 1.2049
  • % chg. over the last day: +0.10%.

The EUR/USD continues to move north after Friday's impulse. The price has consolidated above the important level of 1.2059, which means a trade transition to the upper range and the cancellation of the southern corrective movement. At the same time, the long-term southern trend of the dollar index remains.

Trading recommendations
  • Support levels: 1.2059, 1.1951
  • Resistance levels: 1.2155, 1.2189

The main scenario for trading the EUR/USD is buying. Technical indicators have rearranged northward. The ADX continues to show increasing upside potential. The moving averages turned upwards.

Alternative scenario: if the price consolidates below the level of 1.2033, the pair may return to 1.1951.

There is no news feed for today.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.3712
  • Prev Close: 1.3737
  • % chg. over the last day: +0.18%

Today, during the Asian session, the sterling has managed to break through an important resistance level, making the northern trend stable and long-term. The only disturbing thing is that the breakthrough occurred during the Asian session in conditions of low liquidity. A price exit above 1.3757 could be speculative and traders need to be vigilant.

Trading recommendations
  • Support levels: 1.3757, 1.3680
  • Resistance levels: 1.3800, 1.3900

The main scenario for the GBP/USD is trading sideways between 1.3757 and 1.3800. Despite the seemingly strong northward momentum, the ADX showed little reaction. The MACD also ignores the movement – a divergence has been formed on the chart. These are signs that a breakthrough of the key level may turn out false.

Alternative scenario: if the pair consolidates above 1.3800, it is likely to continue rising to 1.3900. A breakthrough of 1.3757 will bring the pair back to the previous range.

There is no news feed for today.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 105.34
  • Prev Close: 105.21
  • % chg. over the last day: -0.12%

The dollar-yen pair is showing a sudden reversal amid the falling dollar index and falling yields on major government bonds. The Japanese currency is growing, so are the defensive assets such as gold and the Swiss franc.

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

The main scenario is selling. The ADX rose sharply on the pair's decline, indicating a likely reversal of the northern trend. Although, now the oscillator has reached the oversold area, and the price is in the area of the first support. In this case, a rollback is possible.

An alternative scenario implies the price-fixing above 105.36. In this case, the pair may rise to 105.68.

There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.2756
  • Prev Close: 1.2735
  • % chg. over the last day: -0.17%

The Canadian dollar is showing robust growth amid continuing increases in oil prices. The H4 timeframe shows an increase in indicators in favor of bears in the USD/CAD, which indicates a stable mid-term southern trend. There are no fundamental drivers for the pair's growth yet.

Trading recommendations
  • Support levels: 1.2686, 1.2590
  • Resistance levels: 1.2844, 1.2875

The main scenario is selling. The ADX on the H1 timeframe shows a high potential for a decline, while the oversold area is still far away. It means that the pair may not only reach the support level but also break it.

Alternative scenario: if the price manages to gain a foothold above 1.2781, the pair may resume its growth to the resistance level of 1.2844 or higher.

There is no news feed for today.

by Justforex, 2021.02.09

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
Setting the Clock Right: The Best Time To Trade Forex In India And Other Tips
In the forex market, many components come together for ensuring smooth operations and positive outcomes for a trader. Careful timing of trades is one of such components. In this article, we will explain how market timing is made, what time is best (and relatively worse) for trading, and how to choose the best time for forex trading in India.
Read more
The Matter of Trends: The Most Trending Forex Pairs
The forex market is lucrative for beginners and experienced traders alike because of high liquidity, various trading options, and earning potential that can be successfully realized with a properly chosen forex pair. Then the first question a trader should ask themselves is what pairs to trade and how to predict trends to make a profit off them. In this article, we will explore the trending potential of forex pairs, how to select the best pairs in forex, and uncover short-term and long-term trends.
Read more
Best Time for EUR/USD Trading
EUR/USD covers two leading economies, including European and American. It obtains more than half of the total trading volume on the Forex market. Let's review the key factor impacting the EUR/USD volatility.
Read more