The USDJPY gathers the positive momentum – Analysis - 03-03-2021
The USDJPY pair opens today’s trading with bullish bias and attempts to surpass the bullish channel’s resistance, which supports the continuation of our bullish overview, which gets continuous support by the EMA50, while stochastic got rid of its negative momentum to provide the positive support to the price.
Our next target is located at 107.65, while holding above 106.44 represents key condition to continue the expected rise.
The expected trading range for today is between 106.20 support and 107.60 resistance
The expected trend for today: Bullish
The GBPUSD achieves intraday gains - Analysis - 03-03-2021
The GBPUSD pair bounced upwards clearly yesterday to trade above the neckline of the head and shoulders’ pattern that appears on the chart, but it faced solid resistance formed by the EMA50, which keeps the chances valid to resume the recently suggested negative scenario, motivated by the negative signal provided by stochastic now, waiting to visit 1.3775 followed by 1.3685 levels as main targets.
On the other hand, we should note that breaching 1.3975 followed by 1.4000 levels will stop the expected decline and lead the price to resume 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 attempts to recover – Analysis - 03-03-2021
The EURUSD pair’s bullish rally stopped below 1.2100 level, as the EMA50 formed good resistance barrier against the price, accompanied by stochastic loss to the positive momentum and witnessing clear overbought signals, which form negative factors that we expect to push the price to decline today.
Therefore, the bearish trend will be suggested for the upcoming sessions unless the price continued to rise to breach 1.2100 and hold above it, noting that the expected targets begin by breaking 1.2064 to open the way to head towards 1.1976.
The expected trading range for today is between 1.2000 support and 1.2150 resistance.
The expected trend for today: Bearish
Update: Crude oil price attempts to recover
Crude oil price attempts to breach 60.40 resistance, but it couldn’t manage to hold above it, to keep our neutrality valid until the price confirms breaching this resistance or breaking 59.60 to detect its next targets clearly.