The EUR/USD pair traded neutral the first part of the day. The common currency hovered above the 1.1600 handle during the Asian and the European hours. The spot returned to the sales ahead of the NY opening. The intensified selling pressure helped sellers to reclaim the handle and edged further after that. The resistance resides at. 1.1600, the support comes in at 1.1550. If the price succeeds and fixes below 1.1600, the market may start a new decline towards 1.1550.
The pound returned some ground on Monday. Buyers pushed the pair from the oversold area around 1.3050 towards the nearest hurdle at 1.3100. The recovery attempt was short-lived and ended as soon as the pound touched 1.3100. The resistance lies at 1.3100, the support comes in at 1.3000. The bearish momentum is likely to be regained. The sterling may soften to 1.3000 in the coming days.
The US dollar tried to extend its upward trajectory in the night and grew to 114.74, where the spot ran through fresh offers and eased. Sellers returned the major to the opening prices level at 114.00 where the pair spent the rest of the day. The resistance lies at 115.00, the support comes in at 114.00. We remain positive and expect another attempt to regain the 115.00 level in the coming days.
The GBP/JPY is neutral due to traditional Monday's inactivity. The currency pair stuck between 150.00 and 149.00 waiting for fresh drivers. The resistance lies at 150.00, the support is at 149.00. The spot is just between the oversold and overbought areas. We will stay out of trades while traders are choosing the side.
A night recovery stalled at 133.00 when a bout of fresh selling pressure turned the market around. The euro eased off the current highs and sharply dropped. Sellers drove the market to the 132.50 and broke the level immediately after touching it. They extended their gains afterwards and pushed the price to 132.25. The resistance lies at 132.50, the support is at 132.00. Sellers threaten the 132.00 region now. A clear break below the level would indicate that the bearish phase has resumed. The level 131.50 is the next target to focus on.
Despite the overall positive tone the US dollar got under pressure. The USD/CAD pair is in a short-term downward channel hovering above 1.2700. The resistance is at 1.2800, the support stands 1.2700. If the bearish tone persists we expect a breakout of the level 1.2700 in the coming sessions.
The DAX index extended its neutral phase staying between 13500 and 13400. The resistance lies at 13500, the support exists at 13400. We believe the benchmark will extend its consolidative pattern on Monday.
S&P500 stays in the upward channel trading close to its lower limit. Sellers brought the market to the lower end of the ascending channel in the night. However, buyers not only stopped then, but also managed to reverse some losses after that. The resistance lies at 2590, the support exists in at 2580. As the most probable scenario, we consider further moving upwards towards the level at 2590.
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