The Analytical Overview of the Main Currency Pairs on 2021.02.24

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.2155
  • Prev Close: 1.2148
  • % chg. over the last day: -0.06%

In the absence of important economic data, the euro showed calm trading. The growth was stopped by the resistance level. The day closed slightly lower thanks to good consumer confidence in the US. The growth of the CB index slightly strengthened the position of the USD in most currency pairs.

Trading recommendations
  • Support levels: 1.2091, 1.2081
  • Resistance levels: 1.2189, 1.2222

The main scenario for the EUR/USD is trading in a sideways range between 1.2189 and 1.2123. As long as the price remains above the moving averages, the north direction will be the priority. But indicators point to a weakening of the bullish pressure. The ADX and the MACD fell to their minimum values.

Alternative scenario: if the price manages to consolidate below the level of 1.2123, the pair may return to the decline to 1.2081. A breakthrough of 1.2189 will indicate renewed growth.

News feed for 2021.02.24:
  • – Germany's GDP (q/q) (4q) at 09:00 (GMT+2).

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.4059
  • Prev Close: 1.4110
  • % chg. over the last day: +0.36%

In the American session on Tuesday and the Asian session on Wednesday, sterling showed a bullish trend. Options assess the rates will rise at the Bank of England by 0.25% over two years and immediately by 1% until 2024. It is the only central bank for which expectations began to rise, and it affected the sterling.

Trading recommendations
  • Support levels: 1.3819, 1.3775
  • Resistance levels: 1.4224, 1.4300

The main scenario for trading the GBP/USD is buying. Judging by the onslaught of the bulls, the pair tends to pass all the round marks rather quickly. The main target is 1.4386. These are the maximum values of 2018. All timeframes indicate an increase in trend potential.

Alternative scenario: if the pair consolidates below 1.4081, it may return to 1.3819.

There is no news feed for today.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 105.06
  • Prev Close: 105.22
  • % chg. over the last day: +0.15%

The dollar-yen showed a tendency to a pullback before it reached the support level. New support has formed and it looks like a new trading range will be established on the chart. The stock market is relatively calm, which indicates a flat in the short term.

Trading recommendations
  • Support levels: 104.92, 104.40
  • Resistance levels: 105.84, 106.22

The main scenario is trading in a sideways range between 104.92 and 105.84. During the Asian session, the price quickly broke the moving average levels. The ADX has reacted to the growth, which indicates the cancellation of the downward movement. But it is too early to talk about the resumption of the northern scenario.

An alternative scenario implies the price-fixing above 105.84. In this case, the pair may continue to rise to 106.22. A breakthrough of 104.92 will indicate renewed decline towards 104.40.

There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.2612
  • Prev Close: 1.2584
  • % chg. over the last day: -0.22%

The continuation of the decline took place, as expected. Oil prices are steadily putting upward pressure on the Canadian dollar, which leads to a decline in the USD/CAD quotes. In the Asian session, oil quotes showed a tendency to a pullback. We can expect a short-term stop of the fall in the pair.

Trading recommendations
  • Support levels: 1.2580, 1.2550
  • Resistance levels: 1.2665, 1.2745

The main scenario is trading in a sideways range between 1.2550 and 1.2630. The southern trend looks quite stable. The price holds below the moving averages for three days in a row. But the ADX is gradually falling, indicating a decline in bearish pressure.

Alternative scenario: if the price gains a foothold above 1.2550, the pair may continue to fall to 1.2500. A break of 1.2630 could indicate the beginning of a correction to 1.2665 or higher.

News feed for 2021.02.24:
  • – The US Crude Oil Reserves at 17:30 (GMT+2).

by Justforex, 2021.02.24

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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