The Analytical Overview Of The Main Currency Pairs - Thursday, Apr. 29

The EUR/USD currency pair

Technical indicators of the currency pair:

  • Prev Open: 1.2088
  • Prev Close: 1.2125
  • % chg. over the last day: +0.30%

The sellers could not hold the 1.2088 resistance level, which was impulsively broken by the FOMC news. The uptrend remains bullish. The price is above the moving average, and the growing MACD is in a positive area. There are no signs of a reversal at the moment.

10 and one 10 us dollar bill

Image Source: Unsplash

Trading recommendations

  • Support levels: 1.2088, 1.2049, 1.1994, 1.1957
  • Resistance levels: 1.2176, 1.2212, 1.2243

The best strategy for the EUR/USD pair is to look for buying from the nearest support levels. The price can pull back to the broken level of 1.2088, which will act as support. Buyers should not let the price go below 1.2088 in order to maintain the upward momentum.

Alternative scenario: if the price breaks down through the 1.2088 level and holds below, with a high probability, the price can go down to 1.2049, with a potential to start a local downtrend correction.

(Click on image to enlarge)


News feed for 2021.04.29:

  • – Unemployment Rate, Germany at 10:55 (GMT+3);
  • – Consumer Price Index, Germany at 15:00 (GMT+3);
  • – Gross Domestic Product, U.S. at 15:30 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

  • Prev Open: 1.3911
  • Prev Close: 1.3941
  • % chg. over the last day: +0.21%

The British currency showed strong growth on Wednesday, adding 0.21%. At the opening on Thursday, the price broke through the 1.3944 resistance level, which would act as a support. Also, there is the formation of the local uptrend channel.

Trading recommendations

  • Support levels: 1.3944, 1.3913, 1.3864, 1.3835, 1.3794, 1.3756, 1.3690
  • Resistance levels: 1.3996, 1.4149

The strategy for the GBP/USD currency pair remains unchanged – buying from the support levels. The next target is 1.3996.

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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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