The Analytical Overview of the Main Currency Pairs on 2021.05.17

The EUR/USD currency pair

• Prev Open: 1.2079
• Prev Close: 1.2141
• % chg. over the last day: +0.51%

On Friday, the EUR/USD currency pair grew by 0.51%. Eventually, buyers managed to keep the support level of 1.2074, which is the level of priority change on the H1 timeframe.

• Support levels: 1.2115, 1.2074, 1.2026, 1.2002, 1.1957, 1.1835
• Resistance levels: 1.2150, 1.2176, 1.2212, 1.2243

The trend is still bullish. The price is trading above the moving average, while the MACD is in the positive area with no signs of reversal. For long positions, it is best to wait for a pullback to the support levels. Short positions are not recommended against the trend.

Alternative scenario: if the price breaks down through the 1.2074 support level and holds below, the general uptrend is likely to be broken.

The GBP/USD currency pair

• Prev Open: 1.4048
• Prev Close: 1.4087
• % chg. over the last day: +0.28%

On Friday, the GBP/USD currency pair also rose and reached the resistance level of 1.4110 at the end of the trading week, which was able to push the price down.

• Support levels: 1.3996, 1.3913,1.3835, 1.3801, 1.3756, 1.3690
• Resistance levels: 1.4110, 1.4207

The trend remains bullish. The price is still above the moving average, above the trend line, and the MACD indicator is in the positive area with no signs of divergence. The best strategy for traders under such market conditions is to look for long positions from the support levels.

Alternative scenario: if the price breaks down through the 1.3913 support level and holds below, the bullish scenario is likely to be canceled.

The USD/JPY currency pair

• Prev Open: 109.43
• Prev Close: 109.33
• % chg. over the last day: -0.09%

On Friday, the USD/JPY currency pair slightly declined and then consolidated in a narrow range. But the sellers managed to push the price below the support level of 109.41, which is an open road to the next level of 109.01.

• Support levels: 109.01, 108.87, 108.44, 108.19,107.77, 107.47, 107.04
• Resistance levels: 109.40, 109.64, 109.95, 110.51

The price is still above the moving average, but the MACD indicator has become inactive. As long as the price is above the 109.01 level, the trend remains bullish. But considering the weakness of the dollar index, the price of USD/JPY is likely to go down.

Alternative scenario: if the price drops below 109.01, the general downtrend is likely to resume.

The USD/CAD currency pair

• Prev Open: 1.2160
• Prev Close: 1.2098
• % chg. over the last day: -0.61%

On Friday, the USD/CAD price was able to move up to the moving average before diving back below support at 1.2137. The sellers are still strong, so the price could make another wave lower.

• Support levels: 1.2075
• Resistance levels: 1.2137, 1.2251, 1.2321, 1.2388, 1.2414, 1.2519, 1.2618

For USD/CAD, the general trend is still bearish. So the best strategy is to look for sell deals from the resistance levels. It is better to forget about purchases, at least until the price breaks through the level of 1.2137.

Alternative scenario: if the price breaks out through the 1.2321 resistance level and holds above, a local corrective uptrend is likely to form.

by JustMarkets, 2021.05.17

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.