Forecast for the EUR/USD currency pair
Technical indicators of the currency pair:
Prev Opening: 1.09829
Opening: 1.10198
Chg. % of the last day: +0.13
Daily range: 1.09570 – 1.10219
52-week range: 1.0366 – 1.1616
On Friday, a rather optimistic report on the labor market in the US was published. In April, 211,000 jobs were created in the non-agricultural sector of the country, which is by 14% more than it was forecasted. The unemployment rate decreased and amounted to 4.4%. The growth of the average hourly wage was 0.3%. At the moment, the probability of an increase in the Fed’s interest rate in June is 87.7%. At the same time, according to preliminary data, in the second round of the presidential elections in France, Macron leads, which supports the euro. The key trading range is 1.09850-1.10200.
The MACD histogram has fixed in the positive area, but below the signal line, which gives a weak signal to buy EUR/USD.
Stochastic Oscillator is near the overbought zone, the %K line is above the %D line, which also gives a weak signal to buy EUR/USD.
The publication of important economic reports from the EU and the US is not planned today.
Trading recommendations
Support levels: 1.09850, 1.09500
Resistance levels: 1.10200
If the price consolidates above the round level of 1.10000, we recommend you to look for entry points to the market to open long positions. The movement is tending to 1.10500.
Forecast for the GBP/USD currency pair
Technical indicators of the currency pair:
Prev Opening: 1.29214
Opening: 1.29831
Chg. % of the last day: +0.46
Daily range: 1.29480 – 1.29890
52-week range: 1.1986 – 1.5020
On the GBP/USD currency pair, the bullish sentiment prevails. Over the past month, the pound has grown against the US dollar by more than 4.5%. At the moment, the key levels of support and resistance are 1.29500 and 1.29850 respectively. The attention is focused this week on the meeting of the Bank of England.
