currency pair movement [main scenario]
The pair is being traded in the descending trend, Tenkan and Kijun lines are bound above the price, the price broke through the ascending cloud and is moving below it, the further descending movement is being expected. We should sell the pair below the 1,2463 resistance level, set take profit at these support levels - 1,2430, 1,2400, 1,2370.
currency pair movement [alternative scenario]
If the pair succeeds to break through and get fixed above the 1,2463 resistance level, in such a case the further ascending movement till these resistance levels - 1,2480, 1,2525 is very possible.
LEVELS
Resistance: 1,2463; 1,2480; 1,2525.
Support: 1,2430; 1,2400; 1,2370.
Recommended Content
Editors’ Picks
EUR/USD holds gains above 1.0700, as key US data loom
EUR/USD holds gains above 1.0700 in the European session on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
GBP/USD extends recovery above 1.2500, awaits US GDP data
GBP/USD is catching a fresh bid wave, rising above 1.2500 in European trading on Thursday. The US Dollar resumes its corrective downside, as traders resort to repositioning ahead of the high-impact US advance GDP data for the first quarter.
Gold price edges higher amid weaker USD and softer risk tone, focus remains on US GDP
Gold price (XAU/USD) attracts some dip-buying in the vicinity of the $2,300 mark on Thursday and for now, seems to have snapped a three-day losing streak, though the upside potential seems limited.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
US Q1 GDP Preview: Economic growth set to remain firm in, albeit easing from Q4
The United States Gross Domestic Product (GDP) is seen expanding at an annualized rate of 2.5% in Q1. The current resilience of the US economy bolsters the case for a soft landing.