The EUR/USD pair failed to build a recovery on Monday. Buyers pushed the euro towards the 1.1950 hurdle which rejected the euro downwards. The selling pressure increased in the morning when sellers started dragging the euro towards 1.1900. They reached the handle in the early European session and broke it at once. The selling pressure increased after that and the spot dropped to 1.1850 ahead of the NY opening. The resistance resides at 1.1900, the support comes in at 1.1850.
If the price fixates below the support 1.1900, it may continue the downward trend in the short term. The potential sellers' targets are 1.1850 and 1.1800.
The pound’s recovery stalled at 1.3600 where the market switched its tone to bearish one. The sterling bounced off the level and declined towards 1.3500 which was tested in the late European session. Sellers failed to regain the level until the NY session started. The resistance lies at 1.3600, the support comes in at 1.3500.
If the GBP/USD pair manages a break below 1.3500 and it stays there we would likely sell the spot towards 1.3400 afterwards.
Buyers failed to return the USD/JPY pair back to the upward channel on Monday. The EMA50 together with the 109.50 hurdle blocked buyers' advance and rejected the price to the 109.00 region. The resistance resides at 109.50, the support comes in at 109.00.
The buying pressure may continue weakening that will definitely send this currency pair towards 108.50 in the coming sessions. If buyers preserve control, the major may reverse to 109.50.
The downward structure remained intact on Tuesday. The selling pressure increased in the morning and the major dropped to the 147.00. Sellers kept pressuring the level the whole European session, but failed to reclaim it until NY opening. The resistance lies at 148.00, the support is at 147.00.
If the selling pressure keeps growing, the spot may extend its losses towards 146.00 later the day.
The recent recovery stalled when the EUR/JPY pair touched the 130.50 hurdle. A failed test of this barrier caused a pull back to the 130.30-130.00 area on Monday. The selling pressure remained intact in the night and the spot extended its decline during the night session. Sellers regained 130.00 in the mid-Asian session and headed towards 129.50 afterwards. Sellers broke through this mark during the European hours and advanced down to 129.20. The resistance lies at 129.50, the support is at 129.00.
The pair may extend its losses and move to the 129.00 level today. If sellers overcome this target, they will threaten the 128.50 support after that.
USD/CAD left the range 1.2900-1.2850 in the morning on Tuesday. A bout of fresh buying interest pushed the US dollar out of the range towards 1.2950. The major reached this mark in the mid-European session and continued its rally towards 1.3000 afterwards. However, buyers never reached it as they lost momentum at 1.2980. The resistance stands at 1.3000, the support is at 1.2900.
The buyers need to break above 1.3000 for a steady growth. The way to the mark 1.3100 will be opened after this breakthrough.
NASDAQ extended its vertical rise on Monday. Buyers led the price to 6850 where the index lacked buying momentum. The index spent the night in this region and started to lose value in the morning. The benchmark touched the level 6800 in the mid-European session and reclaimed it soon after that. On breaking the level the downward pressure increased which caused an extra sell-off towards 6750. The resistance lies at 6800, the support exists at 6750.
NASDAQ is overbought and may pull back amid profit taking. In this potential scenario the index may ease to the 6750-6730 area.
Buyers failed to hold onto gains above 12900. DAX turned bearish on Tuesday and started to lose value from the very morning. The rate dropped below 12900 first and then continued its downward trajectory towards 12800. The resistance lies at 12900, the support exists at 12800.
The buying structure is still strong and we consider the current decline corrective. We will not sell and will wait until the correction is over to start buying the DAX index again.
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 […]