The Analytical Overview Of The Main Currency Pairs - Thursday, May 6,

The EUR/USD currency pair

Technical indicators of the currency pair:

  • Prev Open: 1.2010
  • Prev Close: 1.2005
  • % chg. over the last day: -0.04%

The EUR/USD currency pair showed weak activity on Wednesday. The price is under the moving average and continues to slowly slide down. Buyers manage to hold the 1.2002 support level.

Trading recommendations

  • Support levels: 1.2002, 1.1957, 1.1835
  • Resistance levels: 1.2074, 1.2108, 1.2145, 1.2176, 1.2212, 1.2243

The MACD indicator keeps signaling a divergence. Considering the positive news from Europe about the acceleration of the vaccination, the market conditions are in favor of buyers, so traders should expect a rebound.

Alternative scenario: if the price breaks out through the 1.2108 level and holds above, the general uptrend is likely to continue.

EUR/USD

News feed for 2021.05.06:

  • – ECB President Christine Lagarde Speaks at 14:25 (GMT+3);
  • – US Unemployment Claims at 15:30 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

  • Prev Open: 1.3885
  • Prev Close: 1.3908
  • % chg. over the last day: +0.16%

The GBP/USD currency pair is trading in a narrow range. A bunch of important news from the UK is expected to shake up the price today. Considering that the buyers are pushing the price to the 1.3835 resistance level and no changes are planned in monetary policy, the price is likely to resume growth.

Trading recommendations

  • Support levels: 1.3835, 1.3801, 1.3756, 1.3690
  • Resistance levels: 1.3913, 1.3996, 1.4149

There is no optimal entry point for GBP/USD on the H1 timeframe right now. Traders need to wait for any of the participants to be active. The best strategy would be to either trade intraday local moves or stay out of position until the news is released.

Alternative scenario: if the price breaks out through the 1.3913 resistance level and holds above, the bullish scenario is likely to become active again.

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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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