Analytical Overview Of The Main Currency Pairs - Tuesday, August 4

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.17708
  • Open: 1.17627
  • % chg. over the last day: -0.16
  • Day's range: 1.17521 – 1.17800
  • 52 wk range: 1.0777 – 1.1781

The EUR/USD currency pair continues to consolidate. The technical pattern is ambiguous. Financial market participants expect additional drivers. Local support and resistance levels are 1.1735 and 1.1800, respectively. The trading instrument has the potential for a further correction after a prolonged rally. We recommend following up-to-date information regarding the coronavirus pandemic. Positions should be opened from key levels.

Today, the news feed is calm enough:
  • – Factory orders in the US at 17:00 (GMT+3:00).

(Click on image to enlarge)

EUR/USD

Indicators do not give accurate signals: 50 MA has crossed 100 MA.

The MACD histogram is near the 0 mark.

Stochastic Oscillator is near the overbought zone, the %K line has crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.1735, 1.1685, 1.1625
  • Resistance levels: 1.1800, 1.1845, 1.1900

If the price fixes below 1.1735, EUR/USD quotes are expected to correct. The movement is tending to 1.1685-1.1630.

An alternative could be the growth of the EUR/USD currency pair to 1.1840-1.1880.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.30755
  • Open: 1.30744
  • % chg. over the last day: -0.01
  • Day's range: 1.30522 – 1.31035
  • 52 wk range: 1.1466 – 1.3516

GBP/USD quotes continue to consolidate. There is no defined trend. Investors expect additional drivers. The British pound is testing local support and resistance levels: 1.3020 and 1.3100, respectively. In the near future, a technical correction of the GBP/USD currency pair is possible after a prolonged growth. 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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