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

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.17986
  • Open: 1.18595
  • % chg. over the last day: +0.52
  • Day's range: 1.18595 – 1.19162
  • 52 wk range: 1.0777 – 1.1781

The greenback has continued to lose ground before Friday's US labor market report for July. EUR/USD quotes have reached the round level of 1.1900 again. The 1.1845 mark is the nearest support. The US published ambiguous economic releases. At the moment, financial market participants expect additional drivers. A technical correction is possible in the near future. Positions should be opened from key levels.

The news feed on 2020.08.06:
  • – Initial jobless claims in the US at 15:30 (GMT+3:00).

(Click on image to enlarge)

EUR/USD

Indicators signal the power of buyers: the price has fixed above 50 MA and 100 MA.

The MACD histogram is in the positive zone, but below the signal line, which gives a weak signal to buy EUR/USD.

Stochastic Oscillator is in the neutral zone, the %K line has started crossing the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.1845, 1.1800, 1.1740
  • Resistance levels: 1.1900, 1.1950

If the price fixes below 1.1845, EUR/USD quotes are expected to correct. The movement is tending to 1.1800-1.1760.

An alternative could be the growth of the EUR/USD currency pair to 1.1940-1.1960.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.30528
  • Open: 1.31120
  • % chg. over the last day: +0.40
  • Day's range: 1.31114 – 1.31833
  • 52 wk range: 1.1466 – 1.3516

Purchases still prevail on the GBP/USD currency pair. The British pound has reached key highs. GBP/USD quotes are testing resistance at 1.3170. The round level of 1.3100 is already a "mirror" support. A technical correction is possible in the near future. The Bank of England, as expected, kept the key marks of monetary policy at the same level. 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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