Forex Technical Analysis
The U.S. Dollar stays very vulnerable and struggled for lower numbers against a basket of major currencies As optimism increased demand for risk assets and by a positive movement toward a coronavirus vaccine
US dollar index (DXY) close to dropped to 30-month low trading at $91.10, which is close to its lowest level since May 2018.
The US dollar index measures the performance of the dollar against a basket of global currencies
In the past five months, most of the currencies have gained significantly against the dollar, The euro is currently trading at its highest level in 30 months – reached today again above 1.20 – success to stay above 1.2040 is very important
The question is whether this time, as at the beginning of 2018, the dollar will make a strong U-turn, or whether we have another round of weakness ahead of us.
You must be prepared to strike: take a long break in the breakout of the critical levels, or alternatively, take a short break in resistance, in any case, we are expected to have rewarding moves in my opinion
EUR USD TECHNICAL ANALYSIS
Support 1.1640
Resistance 1.2040
Target 1.25-1.26
EUR/USD managed to cross 1.2040. On the upside, above 1.2040 will target 1.25-1.26 resistance. On the downside, a break of 1.1640support will turn bias back to the downside
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| EUR USD |
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| EUR USD RATE |
The great similarity can also be seen in the position map –
COT report
GBP USD TECHNICAL ANALYSIS
Support 1.3030
Resistance 1.3480
Target 1.44-146
GBP/USD staying in consolidation below 1.3480. On the upside, above 1.3460-80 will target 1.43-1.46 resistance. On the downside, a break of 1.3030support will turn bias back to the downside
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| GBP USD RATE |
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| GBP USD CHART |
This review does not include any document and/or file attached to it as advice or recommendation to buy/sell securities and/or other advice
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