Chg. % for the last day: -0.14
Day range: 1.06116 – 1.06582
52-week range: 1.0366 – 1.1616
During the last week, the euro was under pressure due to rising political risk in the EU. Today, buyers prevail on the EUR/USD currency pair. Currently, the trading instrument is testing the resistance level of 1.06550.
The MACD histogram has started to rise and fixed above the signal line, which indicates the development of the correction in EUR/USD.
Stochastic Oscillator has reached overbought zone, the %K line is above the %D line, that delivers a weak signal to buy EUR/USD.
News background is calm today:
– EU economic forecasts (12:00 GMT + 2: 00);
– a monthly report of OPEC (13:00 GMT +2:00).
Support levels: 1.06150
Resistance levels: 1.06550, 1.07150
The last forecast was quite accurate. We expect a correction in the EUR/USD currency pair. One should consider buying EUR/USD if the price consolidates above the level of 1.06650. The potential for movement – 1.06900-1.07100.
Forecast for the GBPUSD currency pair
Chg. % for the last day: -0.04
Day range: 1.24564 – 1.25393
52-week range: 1.1986 – 1.5020
Today there is a growing demand for the currency in Britain. The GBP/USD quotes rose by more than 75 points. The nearest resistance is the level of 1.25500.
The MACD histogram has started to rise and moved into the positive zone, indicating an increase of the GBP/USD currency pair.
Stochastic Oscillator is near the overbought zone, the %K line crossed the %D line. Currently, there are no signals.
Important news from the UK is not expected today.
Support levels: 1.24700
Resistance levels: 1.25500, 1.26400
We believe that the upward trend in GBP/USD may continue. The potential for movement – 1.25750-1.25900.
Forecast for the USDCAD currency pair
Chg. % for the last day: -0.49
Day range: 1.30728 – 1.31210
52-week range: 1.2458 – 1.4692
On Friday, February 10, the USD/CAD pair has kept the key resistance level of 1.31500, prompting aggressive selling. At the moment, the currency is testing the resistance level of 1.30900.
The MACD histogram has consolidated in the negative zone and continued to decline, indicating the “bearish” moods on the USD/CAD currency pair.
Stochastic Oscillator has reached oversold zone, the %K line crossed the %D line. Currently, there are no signals.
The publication of important statistics on Canada’s economy is not planned today.
Support levels: 1.30400
Resistance levels: 1.30900, 1.31500
We believe that the fall of the USD/CAD quotes may continue. The nearest target for taking profit is 1.30400-1.30100.
Forecast for the USDJPY currency pair
Chg. % for the last day: -0.03
Day range: 113.429 – 114.173
52-week range: 99.08 – 123.69
The yen is under pressure due to weak data on GDP. During the Asian trading session, the USD/JPY quotes exceeded 114.000. Key support and resistance levels are 113.150 and 113.850 respectively.
Indicators do not send strong signals. The MACD histogram has consolidated in the positive zone, but below the signal line, which delivers a weak signal to buy USD/JPY.
Stochastic Oscillator is in the oversold zone, the %K line crossed the %D line. There no signals yet.
In Q4 Japanese GDP growth was 0.2%. Market expectations were at 0.3%.
Support levels: 113.150, 112.450
Resistance levels: 113.850
Friday’s forecast proved to be quite accurate. At the moment, the technical pattern on the USD/JPY currency pair is ambiguous. We recommend opening long positions from key levels.
If the price consolidates above 113.850, be sure to consider buying USD/JPY. Potential for movement – 114.250.
If the price overcomes the local support of 113.350, it is necessary to consider selling USD/JPY. The nearest target for taking profit is 113.000-112.750.