The euro had a positive day on Tuesday. Buyers started to move the price upwards in the Asian session. European traders continued pushing the spot higher. A fresh buying interest at the beginning of the NY session helped the major to accelerate its gains. The price rallied through 1.0900 and reached 1.0950 in the mid-NA session. The resistance is seen at 1.0950, the support stands at 1.0900.
We believe the euro will remain under buying pressure. Buyers may lead the price to new targets which are 1.1000 and 1.1050.
The pound did not leave its familiar range on Tuesday. The major, however, had a positive day and was able to reach the upper limit of the sideways channel. The upward impetus lost its legs after that and the cable started to lose ground. The current resistance is seen at 1.2900, the support lies at 1.2800.
The GBP/USD pair is likely to stay in the sideways range for a while. We prefer not to trade until we get a clear signal.
The greenback extended its near-term bullish momentum on Tuesday. Buyers broke 110.00 in the Asian session. The pair kept on strengthening after that. The spot was growing the whole day and tested 111.00 in the late NY session. The resistance is at 112.00, the support comes in at 111.00.
A broad based US dollar recovery helped the pair regain some traction. We believe the pair will maintain its bullishness advancing to 112.00.
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