The EUR/USD pair remained neutral during the night hovering above 1.1750. However, a bout of fresh buying interest emerged in the morning and helped the euro to reverse some losses. The pair moved away from the level and headed towards 1.1800. The resistance resides at 1.1800, the support comes in at 1.1750. The fundamental readings helped the euro to regain some traction. If the positive sentiment persists the EUR/USD pair may reach 1.1800 in the upcoming sessions.
The pound came under renewed selling pressure and dropped from 1.3200 to 1.3100. The pair spent the night at the level. Bulls returned in the morning and sent the pair upwards. The pound rallied to 1.3200, broke the level and continued its advance up to 1.3250. The resistance lies at 1.3300, the support comes in at 1.3200. The pair is still in a descending channel, however, the spot has a chance to leave it. The pair is heading to the upper limit of the channel and if the sterling breaks above the line the price may reach 1.3300 in the upcoming sessions. Otherwise, buyers will face another disappointment.
The US dollar extended its bullishness and strengthened from 113.30 to 114.00. The level rejected the major who eased a bit after that but remained close to its fresh highs. A morning brought fresh bullishness which helped the spot to regain the level. The US dollar broke the line and posted a fresh high at 114.27.The resistance lies at 114.00, the support comes in at 113.00. The USD/JPY pair will remain in the green until the spot is above 113.00-112.50. Buyers will keep pushing the pair to 114.50 while the spot is in an ascending channel.
GBP/JPY extended its decline and tested the 149.00 handle in the Asian session. The pair ran through fresh bids around the level and turned bullish immediately after that. The pair bounced off the handle and rallied through 150.00 to 151.00. The resistance lies at 151.00, the support is at 150.00. The EMA50, EMA100 and EMA200 strengthened the 149.00 support level. It will be hard for sellers to regain the level. As the most probable scenario we expect another pull back and a return to the 151.00-151.50 region.
The euro bounced from the lower limit of a buying channel and rallied upwards. Buyers led the spot to 134.00 and without any hesitation broke above the level. The euro continued its advance north after that and reached 134.50 by noon. The resistance lies at 134.50, the support is at 134.00. The spot approached a monthly high. The 134.50 level is the only one obstacle that lies on its way upwards. A cut here will open the door for the next leg higher towards 135.00.
The NZD/USD maintained its bearish tone trading around its fresh lows. Sellers managed to lead the spot to 0.6900 where the NZD spent the night. The pair continued its negative trajectory during the European hours. Bears broke the 0.6900 handle and pushed the pair to 0.6875. The resistance is at 0.6900 the support stands 0.6850. Sellers need some time to gather fresh steam to make another leg lower. A move below 0.6875 would open the way for a sell-off to 0.6800.
The market is still equally divided between bulls and bears as a result, the DAX index continued its phase of consolidation on Wednesday. The resistance lies at 13100, the support exists at 13000. We assume the benchmark will remain in the same neutral stance today.
The benchmark recovery stalled at the 2570 hurdle which rejected the index downwards. Sellers led the price to 2560 during the first part of the day erasing all buyers’ recent gains. The resistance lies at 2570, the support exists in at 2560. S&P500 approached the lower boundary of the upward channel. The price most probably will bounce from 2560 and will recover to 2580.
Read the full review on our site:
Only from November 02nd, 2020, to January 04th, 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 […]
Only from 23 to 25 of November, the largest no deposit bonus 100 USD is available for all Forex traders! 🏆 Bonus details: 100 USD maximum withdrawal 75 lots of required trading turnover 2 weeks to try all of the trading conditions Available for cent accounts 📍 How to get the bonus: 1) Register an […]