The US dollar had another negative day on Friday. The euro pushed away from 1.0600 at the beginning of the European session. The major rallied to 1.0650 and broke the level at the NY open. After breaking the resistance the European currency continued its winning streak and reached 1.0700 at the daily close. The resistance is seen at 1.0700, the support stands at 1.0650.
We expect a pull back based on profit-taking. The pair is overbought and needs to let the steam off. Sellers may return the spot below 1.0650 to ease the upward pressure. To return the price to the familiar downward channel bears need to regain 1.0600 first.
The pound remained in a flat on Friday. The price was hanging between 1.2200 and 1.2150 during the day. The current resistance is seen at 1.2200, the support lies at 1.2100.
We believe the price will remain in the range in the short-term.
The yen strengthened on Friday amid the US dollar retracement. The dollar buyers did not find any reason to move the spot above 115.50. The bullish momentum turned bearish at this point. As the result the pair declined and broke 115.00. Sellers could not leave the level and stayed a few pips below it. The resistance is at 115.00, the support comes in at 114.00.
Buyers need to retake 115.00 to return control. If the level stands a fresh selling interest will push USD/JPY to 114.00.
Read the full review on our site:
Only from April 12, 2021, to May 14, 2021, Deposit Bonus 200% is available for all FortFS clients! Use the advantage to engage for the unique offer within a limited period: activate the deposit bonus and get up to 200% on the deposit amount on your trading account! How to get a Deposit Bonus of […]
FortFS wishes all traders a Happy Chinese New Year! Only from February 8 to March 12, 2021, we reduce spreads for the 4 most popular trading pairs. New values*: EURUSDf: 0.8 GBPUSDf: 0.9 USDJPYf: 1.0 XAUUSDf: 3.5 *These values are valid only for FLEX accounts Hurry up to take advantage of the offer! Learn more about spreads: https://www.fortfs.com/clients/specifications