The US Dollar may find support
after a pullback from four-month highs ahead of Senate confirmation hearings
for two aspiring Federal Reserve officials.
Crude oil prices are looking to
the monthly market update from OPEC as well as EIA statistics on US drilling
productivity to inform supply trend expectations
Now our market outlook today as
follow
EURUSD
The EURUSD pair confirmed
breaching 1.1929 level after ending last week above it, to head towards
starting recovery attempts on the intraday and short term basis, targeting
testing 1.2045 level as a first station, noting that breaching this level will
push the price towards 1.2160 direct.
Therefore, the bullish trend will
be suggested in the upcoming sessions unless breaking 1.1929 level and holding
below it again.
Expected trading range for today
is between 1.1900 support and 1.2045 resistance.
GBPUSD
The GBPUSD pair provides calm
positive trading by today’s opening, to support the chances of continuing the
expected bullish trend for the upcoming period, supported by stochastic
positivity, waiting to target 1.3710 followed by 1.3817 levels as next
stations.
Holding above 1.3490 is important
to continue the expected rise, as breaking it will push the price for more
bearish correction that its next target reaches 1.3226 before any new attempt
to rise.
Expected trading range for today
is between 1.3500 support and 1.3660 resistance.
EURJPY
The EURJPY pair did not succeed to
touch the first positive target at 131.00 yesterday, to form new negative
rebound as appears on the chart, but the price stability above the key support
129.30 reinforces our bullish overview for the upcoming period, waiting to
breach 131.00 level to open the way to achieve more targets that start at
132.20.
We notice stochastic rally above
50 level to decrease the negative pressures on the price and provide the price
with new chance to gather the positive momentum until achieving the required
breach.
Expected trading range for today
is between 129.80 and 131.00
GBPJPY
The GBPJPY pair was forced to
provide intraday negative rebound yesterday, attempting to revive before
renewing the previously suggested bullish attempts, noting that it is important
to settle above the bullish channel’s support at 146.90 to avoid any attempt to
change the main trend, to assist to renew the bullish attempts until reaching
the positive targets at 149.00 followed by 150.80.
Stochastic rally above 50 level
paves the way to gain new positive momentum that confirms keeping the bullish
bias domination and start achieving the waited targets.
Expected trading range for today
is between 147.00 and 149.00
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