The upward momentum lost legs in the 1.1600 region in the early Asian trades. The euro spent the first part of the day in this region. A bout of fresh buying pressure emerged in the late European session and pushed the spot towards 1.1650. The resistance resides at 1.1650, the support comes in at 1.1600. The euro approached the upper limit of the downward channel and may return to a decline any moment now. Sellers will drag the currency pair to 1.1550 in this case. If buyers regain control the currency pair may recover to 1.1650-1.1670.
The short term picture favors the downside. The pound continues to trade in negative ground close to the 1.3100 handle. The resistance lies at 1.3200, the support comes in at 1.3100. The expected dollar strength will likely keep GBP/USD under pressure. Another downward impulse could lead the major to the 1.3050 area, en route to 1.3000.
USD/JPY can never leave the upward channel. All sellers’ attempts to leave the channel faced buying rejection. The last sellers’ attempt stalled around 113.35 where the pair rebounded from the EMA100. The spot slightly grew and rest against another obstacle – the EMA50 where the spot ran through fresh offers and dropped to 113.47. The resistance lies at 114.00, the support comes in at 113.00. We believe the spot will extend its neutral-to-bearish stance today. The pair may ease to the 113.00 level in the coming sessions.
Sellers continued to dominate and keep the pound under pressure. Bears broke through the 50, 100 and 200 EMAs, made a move below 149.00 and advanced down to 148.50 where the major lost momentum. The resistance lies at 149.00, the support is at 148.00. We await a break below 148.50 to trigger another leg lower towards 148.00.
The level 131.50 once again stopped sellers’ advance. The pair rebounded from the level and returned to the 132.00 region. The resistance lies at 132.00, the support is at 131.50. We believe the EUR/JPY pair will make another attempt to regain 131.50.
The US dollar got under fresh selling pressure in the morning after the night inactivity. Sellers tested the 1.2700 level in the morning and are going to break it through any moment now. The resistance is at 1.2700, the support stands 1.2600. A break below 1.2700 could open the doors towards 1.2600.
DAX opened in the red on Thursday. Sellers moved the price to 13300 during the European hours and broke the level ahead of the NY opening. The resistance lies at 13300, the support exists at 13200. We believe that DAX will suffer more losses and may ease to 13200 in the coming sessions.
NASDAQ switched its neutral stance to the bearish one and posted fresh losses on Thursday. Sellers dragged the benchmark to the 6320 level and broke it after that. The resistance lies at 6320, the support exists in at 6280. The immediate support at 6280 is our next probable bearish target.
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