The EUR/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.1721
Prev Close: 1.1688
% chg. over the last day: -0.28%
Despite the fact that the Federal Reserve plans to start cutting its QE program soon, the Fed is still expecting confident economic growth. The Fed predicts that high inflation will remain for a few more months but then return to the target level. But if inflation continues to rise, the Fed will act more decisively.
Trading recommendations
Support levels: 1.1704, 1.1620
Resistance levels: 1.1772, 1.1802, 1.1835, 1.1894, 1.1934, 1.1969
From the technical point of view, the general trend of the EUR/USD currency pair is bullish, but it is very close to its end. Yesterday, the price even broke through the level below but failed to consolidate. The MACD indicator shows a divergence. Under such market conditions, buy deals can be considered from the priority change level. It is best to look for sell trades throughout the day, from the resistance zone near the moving average or after the breakdown of priority change level.
Alternative scenario: if the price breaks down through the 1.1704 support level and fixes below, the mid-term uptrend will likely be broken.
News feed for 2021.09.23:
- German Manufacturing PMI (m/m) at 10:30 (GMT+3);
- German Service PMI (m/m) at 10:30 (GMT+3);
- Eurozone Manufacturing PMI (m/m) at 11:00 (GMT+3);
- Eurozone Service PMI (m/m) at 11:00 (GMT+3);
- US Initial Jobless Claims (w/w) at 15:30 (GMT+3);
- US Manufacturing PMI (m/m) at 16:45 (GMT+3);
- US Service PMI (m/m) at 16:45 (GMT+3).
The GBP/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.3656
Prev Close: 1.3616
% chg. over the last day: -0.29%
The dollar index strengthened after the Fed meeting, which caused major currency pairs to fall against the US dollar. The British pound decreased by 0.29% yesterday. Today, the Bank of England holds a meeting where the monetary policy statement and the interest rate decision will be published. No surprises are expected, most likely, everything will remain as it is, but volatility will be higher.
Trading recommendations
Support levels: 1.3629, 1.3614, 1.3525
Resistance levels: 1.3701, 1.3769, 1.3812, 1.3886, 1.3935, 1.4002
On the hourly time frame, the GBP/USD trend is bearish. The MACD indicator shows a divergence. Under such market conditions, it is better to look for sell trades from the resistance levels near the moving average line. Buy deals should be considered only intraday and only with short targets from the buyers’ initiative zone.
Alternative scenario: if the price breaks out through the 1.3812 resistance level and consolidates above, the bullish scenario will likely resume.
News feed for 2021.09.23:
- UK Manufacturing PMI (m/m) at 11:30 (GMT+3);
- UK Service PMI (m/m) at 11:30 (GMT+3);
- UK BoE Interest Rate Decision at 14:00 (GMT+3);
- UK BoE Monetary Policy Statement at 14:00 (GMT+3).
The USD/JPY currency pair
Technical indicators of the currency pair:
Prev Open:…
Read More: The Analytical Overview Of The Main Currency Pairs