The Analytical Overview of the Main Currency Pairs on 2021.06.01

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.2197
  • Prev Close: 1.2223
  • % chg. over the last day: +0.21%

The euro ended the month on a positive note. The US Federal Reserve is not planning to change its monetary policy until the end of the year, so the European currency still has enough time to continue its growth. A lot of economic statistics from Europe will be released today.

Trading recommendations
  • Support levels: 1.2205, 1.2168, 1.2138, 1.2115, 1.2074, 1.2026, 1.2002, 1.1957
  • Resistance levels: 1.2243, 1.2311

The trend remains bullish. The price is trading above the moving average again. Yesterday, the price managed to fix above the resistance level of 1.2205, despite the bank holiday in the US. But there is a slight divergence on the MACD indicator, so traders should expect a small pullback. Under such market conditions, it is better to look for buy trades from the support levels.

Alternative scenario: if the price breaks through the 1.2168 support level and fixes below, the general uptrend is likely to be broken.

EUR/USD
News feed for 2021.06.01:
  • – Germany Manufacturing PMI (m/m) at 10:55 (GMT+3);
  • – Germany Unemployment Rate (m/m) at 10:55 (GMT+3);
  • – EU Manufacturing PMI (m/m) at 11:00 (GMT+3);
  • – EU Consumer Price Index (m/m) at 12:00 (GMT+3);
  • – US ISM Manufacturing PMI (m/m) at 17:00 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.4175
  • Prev Close: 1.4205
  • % chg. over the last day: +0.21%

The British pound broke through a three-month high in the Asian session today and moved higher. London Interbank Offered Rate LIBOR is at a historic low, which plays in favor of further strengthening of the British currency.

Trading recommendations
  • Support levels: 1.4207, 1.4110, 1.4075, 1.3996, 1.3913,1.3835, 1.3801, 1.3756, 1.3690
  • Resistance levels: 1.4338

For the GBP/USD currency pair, the trend remains bullish. The price is above the moving average, the MACD indicator has returned to the positive zone. Traders are better to look for buy trades from the nearest support levels. A breakout of the 1.4107 resistance level opened the way to 1.4338.

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 2021.06.01:
  • – UK BOE Governor Andrew Bailey Speaks at 18:00 (GMT+3).

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.76
  • Prev Close: 109.57
  • % chg. over the last day: -0.17%

Yesterday, the USD/JPY currency pair broke through the local uptrend line and lowered to the moving average. The correction was deeper, but this is normal for reversal movements.

Trading recommendations
  • Support levels: 109.28, 109.00, 108.66, 108.44, 108.19, 107.77, 107.47
  • Resistance levels: 109.64, 109.95, 110.51

At the moment, the mid-term trend is bullish. The price is above the moving average and the priority change level of 109.00. Under such market conditions, traders are better to look for buy trades from the support levels, relying on the continuation of the price growth.

Alternative scenario: if the price falls below 109.00, the general downtrend is likely to resume.

USD/JPY
There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.2063
  • Prev Close: 1.2057
  • % chg. over the last day: -0.05%

The USD/CAD currency pair decreased from the narrow flat and is moving towards the lower boundary of the 1.2032-1.2137 range. The quarterly Canadian GDP report is expected today, so volatility may increase.

Trading recommendations
  • Support levels: 1.2032, 1.1944
  • Resistance levels: 1.2137, 1.2251, 1.2321, 1.2388, 1.2414, 1.2519

The local uptrend line was broken. With the price trading below the moving average and the priority change level, the mid-term trend remains bearish. Under such market conditions, traders are better to look for sell trades from the nearest resistance levels. But it should not be missed that the price is inside a wide corridor.

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
News feed for 2021.06.01:
  • – Canada GDP (m/m) at 15:30 (GMT+3).

by Justforex, 2021.06.01

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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