Growth Attempts of the EURUSD Are Still Unsuccessful
A fall of the EURUSD suspended, and the pair entered into a consolidation phase. Yesterday, it was trying to develop a recovery, but it was sold while increasing to 1.2714, so attempts appeared to be unsuccessful. From the lower side fluctuations of the EURUSD are held by the support near 1.2677. There is a high probability that a fall will be resumed and in this case testing of the support at the level of 1.2623-1.2600 should be expected. Growth and ability to consolidate above 1.2700-1.2714 will be signal about the development of an ascending correction. Today, data on consumer inflation for the euro area that can influence on the dynamics of the pair will be released.
The GBPUSD Trying to Break to 1.6303
A fall of the GBPUSD has also been suspended. The support near 1.6215 copes successfully with its task, and it is trying to develop a recovery from it. Yesterday, it increased to 1.6274, but today – 1.6287. All attempts still encounter with bears` offers preventing the pair to descend to the resistance near 1.6303. To resume growth, it needs to rise and to consolidate above the level, otherwise, bears will attack current support. If it is lost, it will lead to a fall to lows.
The USDCHF Trading In a Range
Yesterday, the USDCHF renewed highs, testing the level of 0.9531 that was able to provide sufficient resistance for bulls. From this point, the pair has retreated to the local support near 0.9488 where the dollar is in demand. Thus, the pair has entered a range, its breakout will determine a further direction of the movement. An ascending trend is in force, but overbought of the U.S. dollar can trigger profit-taking on longs at any time, resulting in its correction below. Nevertheless, “catching” a top by sales can be dangerous for a trading deposit.
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The USDJPY Renews Highs
The U.S. dollar in pair with the yen has reached fresh the highs at the level of 109.74. After it has been tested, it retreats to the support near 109.13. At the moment, attempts to continue growing force the local resistance at the point of 109.50. Its breakout will lead to growth towards a psychological level of 110.00 where bears can be active. Strong overbought of the pair creates the risks of the development of a downward correction.
