Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.08672
Opening: 1.09276
Chg. % of the last day: +0.53
Daily range: 1.09211 – 1.09511
52-week range: 1.0366 – 1.1616

Yesterday the euro continued to strengthen against the US dollar. The growth of the EUR/USD quotations exceeded 0.5%. Today, there will be no important economic reports from the EU. The attention is focused on Trump’s speech. The US president should voice the details of the tax reform. At the moment, the key trading range is 1.09150-1.09500.

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The MACD histogram has fixed in the positive area, but below the signal line, which gives a weak signal to buy EUR/USD.

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates the bearish sentiment on EUR/USD.

We are waiting for the press conference of D. Trump.

Trading recommendations

Support levels: 1.09150, 1.08350
Resistance levels: 1.09500

The previous forecast turned out to be quite accurate. At the moment, the technical pattern on EUR/USD is ambiguous. We recommend opening positions from key levels.

A fairly strong reversal formation of technical analysis – the divergence of price and MACD histogram – has formed on the market. If the price consolidates below the local support level of 1.09150, sales should be considered. The movement is tending potentially to 1.08600-1.08350.

We also do not exclude the further growth of the EUR/USD quotations. If the price overcomes the 1.09500 mark, we recommend you to look for entry points to the market in order to open long positions. The target level of movement is 1.09750-1.10000.

Forecast for the GBP/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.27954
Opening: 1.28395
Chg. % Of the last day: +0.37
Daily range: 1.28109 – 1.28435
52-week range: 1.1986 – 1.5020

During yesterday’s trading purchases prevailed on GBP/USD. At the moment, the pound is testing the upper limit of the trading range (1.28500). D. Trump’s speech can become a driver for the further alignment of forces on the GBP/USD currency pair.

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

Stochastic Oscillator is located in the neutral zone, the %K line is below the %D line, which indicates the correction of the GBP/USD currency pair.

The news background on the economy of Britain is calm today.

Trading recommendations

Support levels: 1.27700, 1.27000
Resistance levels: 1.28500, 1.29000

If the GBP/USD quotes consolidate above 1.28500, it is necessary to consider purchases. The movement is tending potentially to the round level is 1.29000.

If the price overcomes the local support of 1.28000, a correction to the level of 1.27700-1.27500 may develop on GBP/USD.

Forecast for USD/CAD

Technical indicators of the currency pair:

Prev Opening: 1.35010
Opening: 1.35714
Chg. % of the last day: +0.53
Daily range: 1.35563 – 1.35839
52-week range: 1.2458 – 1.4692

Yesterday, the bullish sentiment was on USD/CAD. The growth of quotations exceeded 75 points. The currency found resistance at 1.36200. The nearest support is at 1.35500. We are waiting for statistics on retail sales in Canada.

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The MACD histogram is in the positive area, 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 above the %D line, which signals the further growth of the USD/CAD quotes.

Economic reports from Canada:
– the base index of retail sales (15:30 GMT+3:00);
– the volume of retail sales (15:30 GMT+3:00).
                  
Trading recommendations

Support levels: 1.35500, 1.34600
Resistance levels: 1.36200

The previous forecast was confirmed. If the statistics from Canada is weak, the growth of the USD/CAD currency pair may continue. The target level of movement is 1.36500.

An alternative may be the USD/CAD correction to a round level of 1.35000.

Forecast for the USD/JPY currency pair

Technical indicators of the currency pair:

Prev Opening: 109.759
Opening: 111.074
Chg. % the last day: +1.20
Daily range: 110.960 – 111.513
52-week range: 99.08 – 123.69

Yesterday, the yen appreciably weakened against the US currency. In the market, there were aggressive purchases. The growth of the USD/JPY quotes exceeded 1%. Today, the US dollar rally continued. The closest resistance is the level of 111.500. Local support is a round level of 111.000.

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The MACD histogram is in the positive area and continues to rise, which indicates the strength of buyers at USD/JPY.

Stochastic Oscillator is located near the overbought zone, the %K line crossed the %D line. There are no signals at the moment.

We recommend to pay attention to the US news background.

Trading recommendations

Support levels: 110.500, 109.400
Resistance levels: 111.500

If the price consolidates above the resistance level of 111.500, you need to look for entry points to the market in order to open long positions. The movement is tending potentially to the round level of 112.000. When tracking the position, it is better to use a trailing stop.