The Analytical Overview Of The Main Currency Pairs - Friday, April 2

The EUR/USD currency pair

Technical indicators of the currency pair:

  • Prev Open: 1.1729
  • Prev Close: 1.1776
  • % chg. over the last day: +0.40%

The euro shows a northern rebound on the back of positive data in the Eurozone manufacturing sector and a decrease in trade volumes. The US labor market data will be released today. Traders expect positive data, although the market response may be low ahead of the holiday weekend.

Trading recommendations

  • Support levels: 1.1688, 1.1601
  • Resistance levels: 1.1889, 1.1990

The main scenario for EUR/USD is trading in a sideways range. The technical indicators show a likely continuation of the northern trend, as the MACD has consolidated above zero and the price is above the moving averages. The ADX hardly reacted to Thursday's movements, which casts doubt on further growth.

Alternative scenario: if the price manages to gain a foothold above the level of 1.1815, the pair may grow to 1.1889. The breakdown of 1.1688 will indicate the resumption of the southern movement.

EUR/USD

Newsfeed for 2021.04.02:

  • – US Non-Farm Payroll (Mar) at 15:30 (GMT+3);
  • – US Unemployment Rate (Mar) at 15:30 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

  • Prev Open: 1.3779
  • Prev Close: 1.3829
  • % chg. over the last day: +0.36%

The sterling rose slightly on Thursday but continued to trade within the weekly range, showing no signs of a breakout. Given that trading volume is declining and the commodities market is preparing for an early holiday close on Friday, the price may remain close to current levels, although there are signs of growing northern pressure.

Trading recommendations

  • Support levels: 1.3705, 1.3680
  • Resistance levels: 1.3846, 1.3929

The main scenario for GBP/USD is buying. The technical indicators point to an increase in bullish pressure on the H1 timeframe. At the same time, on higher timeframes, the indicators point to a flat, and on the H1, the price is close to the overbought area. This suggests a possible short-term rally until Tuesday.

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Disclosure: 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, ...

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