Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.05877
Opening: 1.05961
Chg. % Of the last day: +0.14
Daily range: 1.05799 – 1.06018
52-week range: 1.0366 – 1.1616

Yesterday’s trading on EUR/USD was very calm. The currency was being traded in a rather narrow trading range. At the moment the EUR/USD quotes are testing the support level of 1.05750.

The signals of the indicators vary. The MACD histogram is in the negative zone and continues to decline, indicating a bearish sentiment on EUR/USD.

Stochastic Oscillator went out of the oversold zone, %K is above %D, which signals the growth of the EUR/USD currency pair.

Today we recommend to pay attention to the following events:
– ZEW economic sentiment index in Germany (12:00 GMT+3:00);
– the volume of industrial production in the euro area (12:00 GMT+3:00);
– ZEW economic sentiment index in the euro area (12:00 GMT+3:00);
– the number of open vacancies in the JOLTS labor market (17:00 GMT+3:00);
– speech of FOMC member Kashkari (20:45 GMT+3:00).
 
Trading recommendations

Support levels: 1.05750
Resistance levels: 1.06400

If the statistics from the EU is positive, a correction to the resistance level of 1.06400 may develop on the EUR/USD currency pair.

An alternative may be a further reduction of the EUR/USD currency pair to around 1.05250.

Forecast for the GBP/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.23777
Opening: 1.24136
Chg. % of the last day: +0.32
Daily range: 1.24095 – 1.24328
52-week range: 1.1986 – 1.5020

Yesterday, a correction was observed on the GBP/USD currency pair. The pound grew against the US dollar by more than 50 points. The currency has reached a local resistance of 1.24250. Round-level 1.24000 acts as a “mirror” support. We are waiting for statistics from the UK.