The Analytical Overview of the Main Currency Pairs on 2018.02.21

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.24039
  • Open: 1.23366
  • % chg. over the last day: -0.58
  • Day's range: 1.23342 – 1.23409
  • 52 wk range: 1.0492 – 1.2537

During yesterday's trading, the EUR/USD currency pair fell in price against the strengthening of the US dollar. Quotes fell by almost 70 points. At the moment, investors have taken a wait-and-see attitude before the publication of economic reports in Germany, the Eurozone and the United States. The key trading range is 1.23100-1.23500. We recommend opening positions from the key support and resistance levels.

The news feed on 2018.02.21:

  • - Statistics on business activity in Germany and the Eurozone at 10:30 (GMT+2:00) and 11:00 (GMT+2:00), respectively;
    - Existing home sales in the US at 17:00 (GMT+2:00);
    - Publication of the FOMC protocols at 21:00 (GMT+2:00).
EUR/USD

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 crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.23100, 1.22700, 1.22300
  • Resistance levels: 1.23500, 1.24000, 1.24400

If the EUR/USD currency pair fixes below 1.23100, we recommend considering sales. The movement is tending potentially to 1.22700-1.22300.

Alternative option. If the EUR/USD quotes fix above the resistance level of 1.23500, we recommend looking for entry points to the market to open long positions. The movement is tending potentially to the round level of 1.24000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.39971
  • Open: 1.39953
  • % chg. over the last day: -0.04
  • Day's range: 1.39893 – 1.39920
  • 52 wk range: 1.2106 – 1.4345

Yesterday, the British pound was supported, as it became known that the European Parliament had drawn up a detailed resolution on providing the UK with beneficial access to the EU market and membership in the union. At the moment, the technical pattern is ambiguous. The instrument is being traded in the range of 1.39700-1.40100. Investors took a wait-and-see position before publishing data on the UK labor market and the Bank of England inflation report. We recommend you to open positions above/below key support and resistance levels.

The news feed on 2018.02.21:

  • - Data on the UK labor market at 11:30 (GMT+2:00);
    - Bank of England inflation report at 16:15 (GMT+2:00).
GBP/USD

The price is testing 50 MA, which is dynamic resistance.

The MACD histogram is near the 0 mark. There are no signals.

Stochastic Oscillator is located in the neutral zone, the %K line is above the %D line, which signals to buy GBP/USD.

Trading recommendations
  • Support levels: 1.39700, 1.39200, 1.38700
  • Resistance levels: 1.40100, 1.40500, 1.41000

If the price fixes below the support level of 1.39700, it is necessary to look for entry points to the market to open short positions. The movement is tending potentially to 1.39200-1.39000.

An alternative is the growth of quotes to 1.40500-1.40700.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.25572
  • Open: 1.26473
  • % chg. over the last day: +0.70
  • Day's range: 1.26210 – 1.26475
  • 52 wk range: 1.2059 – 1.3795

Yesterday, aggressive purchases prevailed on the USD/CAD currency pair. Quotes rose by almost 200 points. At the moment, the key support and resistance levels are 1.26400-1.26700. We recommend you to pay attention to the news feed on the US economy and the dynamics of oil quotes. Positions must be opened from the key levels.

The news feed on Canada's economy is calm.

USD/CAD

The price has fixed above 50 MA and 200 MA, which indicates a bullish sentiment.

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

Stochastic Oscillator is located in the neutral zone, the %K line is below the %D line, which indicates the fall in the USD/CAD quotes.

Trading recommendations
  • Support levels: 1.26400, 1.26100, 1.25700
  • Resistance levels: 1.26700, 1.27000, 1.27300

If the USD/CAD quotes fix above 1.26700, we recommend looking for entry points to open long positions. The movement is tending potentially to 1.27000-1.27300.

Alternative option. If the price fixes below the support level of 1.26400, the quotes are expected to decline to 1.26100-1.25700.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 106.585
  • Open: 107.326
  • % chg. over the last day: +0.43
  • Day's range: 107.336 – 107.422
  • 52 wk range: 107.33 – 115.51

During yesterday's trading, bullish sentiment prevailed on the USD/JPY currency pair. The growth of quotes was almost 100 points. At the moment, the technical pattern is ambiguous. Investors expect the publication of economic reports from the United States. Local support and resistance levels are 107.500 and 107.900, respectively. The positions must be opened from these marks.

Today, the publication of important economic reports in Japan is not expected.

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, but below the signal line, which gives a weak signal to buy USD/JPY.

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

Trading recommendations
  • Support levels: 107.500, 107.000, 106.400
  • Resistance levels: 107.900, 108.400, 109.000

If the quotes continue to rise and fix above the 107.900 mark, it is necessary to consider purchases of USD/JPY. The movement is tending potentially to 108.400-108.600.

If the price fixes below the support of 107.500, we recommend looking for entry points to the market to open short positions. The target movement level is 107.000-106.800.

by JustForex, 2018.02.21

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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