The EUR/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.2159
Prev Close: 1.2127
% chg. over the last day: -0.26%
The EUR/USD currency pair was flat on Monday. Most of the time the price moved sideways and only at the end of the American session it went down, breaking through the support level of 1.2150.
Trading recommendations
Support levels: 1.2108, 1.2074, 1.2027, 1.2002, 1.1957, 1.1835
Resistance levels: 1.2150, 1.2176, 1.2212, 1.2243
At the moment, there is a pullback down within the main uptrend. Therefore, traders should focus on buy deals from the support levels near the trend line or near the moving average.
Alternative scenario: if the price breaks down through the 1.2074 support level and holds below, the general uptrend is likely to be broken.
News feed for 2021.05.11:
- European ZEW Economic Sentiment (m/m) at 12:00 (GMT+3).
The GBP/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.3999
Prev Close: 1.4116
% chg. over the last day: +0.83%
The British pound looks very strong. On Monday, the GBP/USD currency pair added another 0.83% and reached the daily resistance level, where an active struggle between the buyers and sellers began.
Trading recommendations
Support levels: 1.3996, 1.3913,1.3835, 1.3801, 1.3756, 1.3690
Resistance levels: 1.4126, 1.4207
At the moment, the sellers managed to bring the price back below the level of 1.4126. Considering the price deviation from the moving average, traders should expect a corrective down wave to the support levels.
Alternative scenario: if the price breaks down through the 1.3913 support level and holds below, the bullish scenario is likely to be canceled.
News feed for 2021.05.11:
- UK BOE Governor Andrew Bailey Speaks at 17:30 (GMT+3).
The USD/JPY currency pair
Technical indicators of the currency pair:
Prev Open: 108.54
Prev Close: 108.83
% chg. over the last day: +0.26%
On Monday, the USD/JPY currency pair traded in a narrow range. At the end of the Asian session, the buyers tried to push the price higher, but the sellers protected their levels.
Trading recommendations
Support levels: 108.44, 108.19,107.77, 107.47, 107.04
Resistance levels: 108.87, 109.01, 109.40, 109.64, 109.95, 110.51
The price is still trading below the moving average. The MACD is in the negative area and is not active for now. Under such market conditions, it is possible to work in both directions, “long” from the support or “short” from the resistance levels. But if the dollar index continues to fall, the USD/JPY will form a mid-term downtrend.
Alternative scenario: if the price drops below 108.44, the general downtrend is likely to resume.
The USD/CAD currency pair
Technical indicators of the currency pair:
Prev Open: 1.2117
Prev Close: 1.2104
% chg. over the last day: -0.11%
The downward movement on the USD/CAD started to slow down. The price has approached the support level (the 4 years price minimum) and might bounce off soon.
Trading recommendations
Support levels: 1.2075
Resistance levels: 1.2137, 1.2251, 1.2321, 1.2388, 1.2414, 1.2519, 1.2618
The trend remains bearish for USD/CAD. But the MACD indicator is already signaling about 2 divergences (mid-term and local). It is too early to look for long positions, as buyers have not yet shown initiative. Also, it is too late to open short deals, as the support level is ahead. Traders should wait or trade intraday timeframes.
Alternative scenario: if the price breaks through the 1.2321 resistance level and holds above, a local corrective uptrend is likely to form.
