The Analytical Overview of the Main Currency Pairs on 2021.05.10

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.2058
  • Prev Close: 1.2161
  • % chg. over the last day: +0.85%

On Friday, the EUR/USD currency pair rose by 0.85%. The main bullish impulsive move was after the US unemployment report, which turned out unpleasant for the American currency.

Trading recommendations
  • Support levels: 1.2150, 1.2108, 1.2074, 1.2027, 1.2002, 1.1957, 1.1835
  • Resistance levels: 1.2176, 1.2212, 1.2243

The price confidently broke through the 1.2108 level and held above. The mid-term trend is bullish again. Traders should look only for buy positions, but it is not the most optimal entry point now. The price has strongly deviated from the moving average, which will pull it back.

Alternative scenario: if the price breaks down through the 1.2108 support level and holds below, the general uptrend is likely to be broken.

There is no news feed for today.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.3885
  • Prev Close: 1.3987
  • % chg. over the last day: +0.73%

Considering the decline in the dollar index, the GBP/USD price also rose on Friday. A confident mid-term uptrend has formed now without any signs of a reversal.

Trading recommendations
  • Support levels: 1.3996, 1.3913,1.3835, 1.3801, 1.3756, 1.3690
  • Resistance levels: 1.4126, 1.4207

The best strategy on the GBP/USD currency pair would be to look for buy positions from the support levels. But taking into account the strong bullish momentum, the price will not pull back deeply, so traders should consider long deals on intraday timeframes as well.

Alternative scenario: if the price breaks down through the 1.3913 support level and holds below, the bullish scenario is likely to be canceled.

There is no news feed for today.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.06
  • Prev Close: 108.60
  • % chg. over the last day: -0.42%

The USD/JPY currency pair impulsively fell on Friday after the release of the "non-farm" report. However, the buyers managed to hold the support level of 108.44 and the price slightly recovered its positions by the end of the trading session.

Trading recommendations
  • Support levels: 108.44, 108.19,107.77, 107.47, 107.04
  • Resistance levels: 108.87, 109.01, 109.40, 109.64, 109.95, 110.51

The price is trading below the moving average, the MACD is still in the negative area, but showing signs of recovery. Under such market conditions, it is possible to work in both directions, "long" from the support or "short" from the resistance levels. But if the dollar index continues to fall, the USDJPY will form a mid-term downtrend.

Alternative scenario: if the price drops below 108.44, the general downtrend is likely to resume.

There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.2147
  • Prev Close: 1.2121
  • % chg. over the last day: -0.21%

At the end of the trading session on Friday, the USD/CAD currency pair broke through another support level and held under it. Only the 1.2075 support level, which is the minimum of 2017, remained below.

Trading recommendations
  • Support levels: 1.2075
  • Resistance levels: 1.2137, 1.2251, 1.2321, 1.2388, 1.2414, 1.2519, 1.2618

The trend remains bearish for USD/CAD. But the MACD indicator is already signaling about 2 divergences (mid-term and local). Considering that the Canadian dollar was the weakest of all the major currencies on Friday, it shows that sellers become less active and traders should close their short positions. But it's too early to look for long deals because there is no initiative from the buyers yet.

Alternative scenario: if the price breaks through the 1.2321 resistance level and holds above, a local corrective uptrend is likely to form.

There is no news feed for today.

by Justforex, 2021.05.10

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