Analytical Overview Of The Main Currency Pairs - Friday, August 7

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.18595
  • Open: 1.18763
  • % chg. over the last day: +0.11
  • Day's range: 1.18197 – 1.18831
  • 52 wk range: 1.0777 – 1.1781

The EUR/USD currency pair has become stable. The trading instrument is consolidating. Investors have taken a wait-and-see attitude before the publication of the report on the US labor market for July. We recommend paying attention to the difference between the actual and forecasted values. Investors also follow the progress of negotiations in Washington on new measures to stimulate the American economy due to the COVID-19 epidemic. At the moment, the local support and resistance levels are 1.1820 and 1.1880, respectively. Positions should be opened from these marks.

The news feed on 2020.08.07:
  • – Report on the US labor market for July at 15:30 (GMT+3:00).

(Click on image to enlarge)

EUR/USD

Indicators do not give accurate signals: the price has fixed between 50 MA and 100 MA.

The MACD histogram has moved into the negative zone, which indicates the bearish sentiment.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which gives a signal to buy EUR/USD.

Trading recommendations
  • Support levels: 1.1820, 1.1800, 1.1740
  • Resistance levels: 1.1880, 1.1915

If the price fixes below 1.1820, EUR/USD quotes are expected to correct. The movement is tending to 1.1760-1.1720.

An alternative could be the growth of the EUR/USD currency pair to 1.1910-1.1950.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31120
  • Open: 1.31378
  • % chg. over the last day: +0.26
  • Day's range: 1.30976 – 1.31478
  • 52 wk range: 1.1466 – 1.3516

GBP/USD quotes have become stable after a prolonged rally. At the moment, the British pound is consolidating. Local support and resistance levels are 1.3100 and 1.3155, respectively. A technical correction of the trading instrument is possible in the near future. We expect statistics on the US labor market. Positions should be opened from key levels.

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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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