The GBPUSD faces solid support - Analysis - 01-03-2021
The GBPUSD pair found solid support at 1.3900, to rebound bullishly and achieve some temporary gains, noticing that the EMA50 forms good intraday resistance against the price, while stochastic loses its positive momentum clearly.
Therefore, these factors encourage us to resume the bearish trend in the upcoming sessions, and the targets begin by breaking 1.3910 to confirm heading towards 1.3775 followed by 1.3685 levels as next main stations, taking into consideration that breaching 1.4040 will stop the expected negative pressure and lead the price to regain the main bullish trend again.
The expected trading range for today is between 1.3870 support and 1.4040 resistance.
The expected trend for today: Bearish
The EURUSD touches the target – Analysis - 01-03-2021
The EURUSD pair succeeded to touch our waited target at 1.2064 and settles there, and by taking a deeper look at the chart, we find that the price draws bearish flag pattern now, as it breaks the intraday bullish channel’s support line that appears on the minor image, which supports the chances of continuing the decline in the upcoming sessions, noting that breaking the mentioned level will extend the bearish wave to reach 1.1976.
Therefore, we will continue to suggest the bearish trend for the upcoming period, noting that breaching 1.2100 is considered as the key of starting recovery attempts that target visiting 1.2173 areas initially.
The expected trading range for today is between 1.2000 support and 1.2140 resistance.
The expected trend for today: Bearish
Update: The USDJPY breaches the resistance
The USDJPY pair breached 106.44 level strongly and settles above it now, to stop the negative scenario suggested today and leads the price to continue the rise on the intraday and short term basis, on its way to visit 107.00 followed by 107.65 levels, noting that breaking 106.44 and holding below it again will put the price within the bearish track that its next main target located at 105.20.
Update: Crude oil price breaks the support
Crude oil price broke 62.40 again and settles below it now, to open the way to turn to decline on the intraday basis, to head towards visiting 61.10 before turning back to rise again, noting that breaching 62.95 and holding above it will reactivate the bullish trend scenario and stop the current negative pressure.