The Analytical Overview of the Main Currency Pairs on 2021.05.19

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.2152
  • Prev Close: 1.2223
  • % chg. over the last day: +0.59%

The EUR/USD currency pair raised by 0.59% on Tuesday and continued to rise in the Asian session today. The European currency is strengthening due to a fall in the dollar index, which reached its lowest level of late February yesterday.

Trading recommendations
  • Support levels: 1.2176, 1.2138, 1.2115, 1.2074, 1.2026, 1.2002, 1.1957, 1.1835
  • Resistance levels: 1.2212, 1.2243

The trend is still bullish. The price is trading above the moving average, but there is a divergence on the MACD indicator on the higher timeframes. Traders should look for buy positions, but with short targets, since the price has deviated quite strongly from the moving average, which, like a magnet, will pull the price back. A correction can begin at any moment.

Alternative scenario: if the price breaks down through the 1.2138 support level and holds below, the general uptrend is likely to be broken.

EUR/USD
News feed for 2021.05.19:
  • – US FOMC Meeting Minutes Release at 21:00 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.4128
  • Prev Close: 1.4187
  • % chg. over the last day: +0.48%

The British pound, like the euro, continues to rise. On Tuesday, the price reached another resistance level, where there was a small reaction from sellers. Probably, these are the first signs for closing of previously opened buy positions.

Trading recommendations
  • Support levels: 1.4110, 1.4075, 1.3996, 1.3913,1.3835, 1.3801, 1.3756, 1.3690
  • Resistance levels: 1.4207

Technically, the trend remains bullish. The price is still above the moving average and the MACD indicator is in the positive area but a divergence appeared on the H4 timeframe, which is the first sign of correction. Buyers should close their positions.

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

GBP/USD
News feed for 2021.05.19:
  • – UK Consumer Price Index (m/m) at 09:00 (GMT+3);
  • – US FOMC Meeting Minutes Release at 21:00 (GMT+3).

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.16
  • Prev Close: 108.88
  • % chg. over the last day: -0.25%

The USD/JPY currency pair broke down through the most important support level of 109.01, activating an alternative scenario of downward movement. The uptrend is broken.

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

The price has consolidated before reaching the support level of 108.87. But taking into account the lack of buyers’ reaction, this level is likely to be broken. Traders should look for sell deals from the resistance levels.

Alternative scenario: if the price rises above 109.41, the general uptrend is likely to resume.

USD/JPY
News feed for 2021.05.19:
  • – US FOMC Meeting Minutes Release at 21:00 (GMT+3).

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.2064
  • Prev Close: 1.2060
  • % chg. over the last day: -0.03%

The USD/CAD currency pair price movement begins to slow down. Sellers are no longer showing activity, the price lows are updated. It looks like the beginning of a corrective movement.

Trading recommendations
  • Support levels: 1.1944
  • Resistance levels: 1.2075, 1.2137, 1.2251, 1.2321, 1.2388, 1.2414, 1.2519

For USD/CAD, the general trend is still bearish. But the MACD indicator has a divergence on the H4 timeframe, so traders should think about closing sell positions. It's too early to talk about buying, at least until the price breaks out through one resistance level.

Alternative scenario: if the price breaks out through the 1.2137 resistance level and holds above, a local corrective uptrend is likely to form.

USD/CAD
News feed for 2021.05.19:
  • – Canada Consumer Price Index (m/m) at 15:30 (GMT+3);
  • – US FOMC Meeting Minutes Release at 21:00 (GMT+3).

by Justforex, 2021.05.19

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
Choosing Currency Pairs in Forex Trading
The forex market is the most liquid one among other markets where banks, brokers, corporations, traders, investment and hedge funds actively participate in the exchanging operations and set the pace. In this article you will find out how to make this "currency choice" and meet your trading objectives.
Read more
The Best Time to Trade Forex in Malaysia
The forex market has its ups and downs throughout the day, meaning that the activity in the morning is completely different from the activity in the evening. As a trader, you want to enter the market at its most active hours. Read on to learn more about the most advantageous time for trading currency pairs in Malaysia.
Read more
What is the Best Time to Trade Forex in Indonesia
Your trading results depend on many things. One of them is the time of the day when you trade. This article is to help you build an optimal schedule for your profitable forex trades and find the best hours for trading forex in India.
Read more