The Analytical Overview of the Main Currency Pairs on 2018.02.08

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.23754
  • Open: 1.22602
  • % chg. over the last day: -0.89
  • Day's range: 1.22647 – 1.22693
  • 52 wk range: 1.0492 – 1.2537

Yesterday, a downward trend was observed on the EUR/USD currency pair. The quotes fell by more than 100 points. At the moment, the trading instrument is consolidating in the range of 1.22500-1.22800. The trading instrument has the potential for further correction. We recommend you to open positions above/below the key support and resistance levels.

Today the publication of important news on the US economy and the Eurozone is not expected.

EUR/USD

Indicators show the power of sellers. The price has fixed below 50 MA and 200 MA, which indicates a bearish sentiment.

The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell EUR/USD.

Stochastic Oscillator is located in the neutral zone, the %K line is below the %D line, which signals to sell EUR/USD.

Trading recommendations
  • Support levels: 1.22500, 1.22000, 1.21600
  • Resistance levels: 1.22800, 1.23300, 1.23900

If the currency pair fixes below the local support level of 1.22500, we recommend considering sales. The movement is tending potentially to the round level of 1.22000.

Alternative option. If the EUR/USD quotes fix above the level of 1.22800, we recommend looking for entry points to open long positions. The movement is tending potentially to 1.23300-1.23600.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.39447
  • Open: 1.38719
  • % chg. over the last day: -0.57
  • Day's range: 1.38739 – 1.38897
  • 52 wk range: 1.2106 – 1.4345

Yesterday, a bearish sentiment prevailed on the GBP/USD currency pair. At the moment, the technical pattern on the GBP/USD currency pair is ambiguous. Financial markets participants took a wait-and-see attitude before the Bank of England meeting. It is expected that the regulator will leave the interest rate at the previous level of 0.50%. The trading instrument is consolidating in the range of 1.38500-1.39000. The positions should be opened from these marks.

At 14:00 (GMT+2) the Bank of England meeting will take place.

GBP/USD

Indicators show the power of sellers. The price has fixed below 50 MA and 200 MA, which indicates a bearish sentiment.

The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell GBP/USD.

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which signals to sell GBP/USD.

Trading recommendations
  • Support levels: 1.38500, 1.38000, 1.37500
  • Resistance levels: 1.39000, 1.39600, 1.40400

If the price fixes below the support level of 1.38500, we recommend considering sales of GBP/USD. The movement is tending potentially to the round level of 1.38000.

Alternative option. If the price fixes above the round level of 1.39000, it is necessary to look for entry points to the market to open long positions. The target movement level is 1.39500-1.39700.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.24911
  • Open: 1.25595
  • % chg. over the last day: +0.50
  • Day's range: 1.25595 – 1.25742
  • 52 wk range: 1.2059 – 1.3795

Yesterday, the US dollar strengthened against the Canadian currency despite a good report on the construction sector in Canada. The number of building permits in Canada increased by 4.8%, exceeding the experts forecasts. The USD/CAD quotes increased by almost 100 points. At the moment, there are bullish sentiments on the currency pair. The key trading range is 1.25700-1.26000. Positions should be opened below/above these marks.

Today, the news feed on Canada's economy is calm.

USD/CAD

Indicators show the power of buyers. The price has fixed above 50 MA and 200 MA, which indicates a bullish sentiment.

The MACD histogram is in the positive zone, above the signal line, which gives a strong signal to buy USD/CAD.

Stochastic Oscillator is located near the overbought zone, the %K line is above the %D line, which gives a weak signal to buy USD/CAD.

Trading recommendations
  • Support levels: 1.25700, 1.25300, 1.24600
  • Resistance levels: 1.26000, 1.26400, 1.26800

If the price fixes above the round level of 1.26000, we recommend to consider purchases of USD/CAD. The movement is tending potentially to 1.26400-1.26800.

Alternatively, USD/CAD may fall to the level of 1.25300-1.25000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.534
  • Open: 109.355
  • % chg. over the last day: -0.43
  • Day's range: 109.270 – 109.417
  • 52 wk range: 107.33 – 115.51

Yesterday, there was a variety of trends on the USD/JPY currency pair. The US dollar is supported by the growth in the government bonds yield. At the moment, the technical pattern is ambiguous. The key support and resistance levels are: 109.400 and 109.700, respectively. Positions must be opened above/below these levels.

The news feed on Japan's economy is calm.

USD/JPY

The signals of the indicators are different. The price has fixed above 50 MA and 200 MA, which indicates a bullish sentiment.

The MACD histogram is in the positive zone and continues to grow, which gives a strong signal to buy USD/JPY.

Stochastic Oscillator is located near the overbought zone, the %K line is below the %D line, which gives a weak signal to sell USD/JPY.

Trading recommendations
  • Support levels: 109.400, 109.000, 108.600
  • Resistance levels: 109.700, 110.000, 110.400

If the price fixes above the resistance level of 109.700, it is necessary to consider purchases of USD/JPY. The movement is tending potentially to 110.000-110.400.

An alternative may be the fall of the USD/JPY quotes to 109.000-108.600.

by JustForex, 2018.02.08

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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