Technical Overview of EUR/USD, USD/CAD and GBP/USD Currency Pairs

EUR USD

The EUR traded higher against the USD and closed at 1.1218.

The core Consumer Price Index released by Eurostat is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services excluding the volatile components like food, energy, alcohol and tobacco. The core CPI is a key indicator to measure inflation and changes in purchasing trends. Generally, a high reading is seen as positive or bullish for the EUR, while a low reading is seen as negative.

The Euro Zone CPI released by the Eurostat captures the changes in the price of goods and services. The CPI is a significant way to measure changes in purchasing trends and inflation in the Euro Zone. Generally, a high reading anticipates a hawkish attitude which will be positive (or bullish) for the EUR, while a low reading is seen as negative (or bearish).

According to the Analysis, The pair is expected to find support at 1.12030, and a fall through could take it to the next support level of 1.11883. The pair is expected to find its first resistance at 1.12392, and a rise through could take it to the next resistance level of 1.12607.

Previous Day range was 36.2 and Current Day Range is 13.3.

USD CAD

USDCAD

The USD traded higher against the CAD and closed at 1.3352.

The Institute for Supply Management (ISM) Manufacturing Index shows business conditions in the US manufacturing sector It is a significant indicator of the overall economic condition in US. A result above 50 is seen as positive (or bullish) for the USD, whereas a result below 50 is seen as negative (or bearish).

The pair is expected to find support at 1.33149, and a fall through could take it to the next support level of 1.32777. The pair is expected to find its first resistance at 1.34157, and a rise through could take it to the next resistance level of 1.34793.

USD CAD previous Day range was 100.8 and Current Day Range is 15.2.

GBP USD

GBPUSD

The GBP traded higher against USD and closed at 1.3027.

The UK Parliament will decide whether the UK PM May’s Brexit Plan is valid or not. In the case the Parliament don’t approve it, chances of a hard Brexit will increase exponentially.

According to the analysis, pair is expected to find support at 1.29584, and a fall through could take it to the next support level of 1.28898. The pair is expected to find its first resistance at 1.31142, and a rise through could take it to the next resistance level of 1.32014.

GBP USD previous day range was 155.8 and current day range is 31.2.