The Analytical Overview of the Main Currency Pairs on 2021.05.24

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.2226
  • Prev Close: 1.2181
  • % chg. over the last day: -0.37%

The EUR/USD currency pair has formed a wide flat with the range of 1.2168-1.2243. The 1.2202 level is no longer active, as the price no longer takes it into account.

Trading recommendations
  • Support levels: 1.2168, 1.2138, 1.2115, 1.2074, 1.2026, 1.2002, 1.1957
  • Resistance levels: 1.2243

The trend is still bullish. The price is above the change priority level of 1.2138. At the current moment, the price is trading near the moving average, while the MACD indicator returned into the negative zone. Under such market conditions, traders can look for both buying from the lower border of the corridor and selling from the upper border of the flat range.

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

EUR/USD
There is no news feed for today.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.4188
  • Prev Close: 1.4146
  • % chg. over the last day: -0.30%

At the moment, the British pound is strongly correlated with the euro. The GBP/USD currency pair has also formed a wide flat with a range of 1.4110-1.4207.

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

The trend remains bullish. The price is above the moving average. The MACD indicator has become inactive. It is recommended for traders to look for long positions from the lower border of the range or look for sell positions from the resistance level of 1.4207, where sellers hold the defense well.

Alternative scenario: if the price breaks through the 1.4075 support level and consolidates below, the bullish scenario is likely to be canceled.

GBP/USD
News feed for 2021.05.24:
  • – UK BOE Governor Andrew Bailey Speaks at 17:30 (GMT+3).

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 108.73
  • Prev Close: 108.95
  • % chg. over the last day: +0.20%

On Friday, the USD/JPY currency pair increased by 0.2% and at the end of the trading session tried to break through the dynamic moving average. There is a new psychological resistance level of 109. Together with the moving line, this level will be a tough obstacle for the buyers.

Trading recommendations
  • Support levels: 108.66, 108.44, 108.19, 107.77, 107.47, 107.04
  • Resistance levels: 109.00, 109.40, 109.64, 109.95, 110.51

On the H1 timeframe, the trend remains bearish, and the price is trading below the moving average. The MACD indicator has become inactive. Traders are better to look for sell positions from the resistance levels. It is also possible to consider long positions, but only within an uptrend on the lower timeframes.

Alternative scenario: if the price rises above 109.40, the general uptrend is likely to resume.

USD/JPY
News feed for 2021.05.24:
  • – Japan BOE Governor Haruhiko Kuroda Speaks at 15:05 (GMT+3).

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.2056
  • Prev Close: 1.2065
  • % chg. over the last day: +0.07%

The USD/CAD currency pair began to form a balanced structure which may eventually lead to a reversal of the general downtrend. On Friday, the price has formed a false breakthrough of the 1.2048 support level with a return on impulsive move.

Trading recommendations
  • Support levels: 1.2048, 1.1944
  • Resistance levels: 1.2137, 1.2251, 1.2321, 1.2388, 1.2414, 1.2519

The price is trading below the moving average, the trend remains bearish. But there are signs of divergence on the MACD indicator. At the moment the best strategy for the USD/CAD currency pair is to stay out of the position. It is possible to sell within the trend, if the price will consolidate below the support level of 1.2048 again. It is too early to look for long positions, since there is no significant initiative from the buyers.

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

USD/CAD
There is no news feed for today.

by Justforex, 2021.05.24

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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