The Analytical Overview Of The Main Currency Pairs - Wednesday, May 27

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.08954
  • Open: 1.09814
  • % chg. over the last day: +0.75
  • Day's range: 1.09512 – 1.09850
  • 52 wk range: 1.0777 – 1.1494

During yesterday's trading session, the greenback weakened significantly against its main competitors. The growth of EUR/USD quotes has exceeded 85 points. Demand for risky assets is still high amid the gradual lifting of restrictions around the world. Additional support is provided by the hope of creating a vaccine against the COVID-19 virus. At the moment, EUR/USD quotes are consolidating in the range of 1.0940-1.0975. Today, financial market participants will assess the Fed's "Beige Book", which will show the economic condition of 12 federal districts in a crisis caused by the coronavirus pandemic. We recommend opening positions from key levels.

The Economic News Feed for 27.05.2020:

At 21:00 (GMT+3:00), the Fed's "Beige Book" will be published.

We also recommend paying attention to the speech by the head of the ECB.

(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 has started exiting the oversold zone, the %K line is above the %D line, which indicates the bullish sentiment.

Trading recommendations
  • Support levels: 1.0940, 1.0915, 1.0870
  • Resistance levels: 1.0975, 1.1000, 1.1030

If the price fixes above 1.0975, further growth of EUR/USD quotes is expected. The movement is tending to 1.1020-1.1040.

An alternative could be a decrease in the EUR/USD currency pair to 1.0915-1.0880.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.21825
  • Open: 1.23337
  • % chg. over the last day: +1.18
  • Day's range: 1.22898 – 1.23390
  • 52 wk range: 1.1466 – 1.3516
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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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