The price of the pair has risen by about 220 pips in the last five days of the week and the EUR/USD has risen above the opening level of 1.1445 in 2019.
Quasimodo Resistance 1.1733 will be the next target in the weekly time frame if the pair is up this week. On the other hand, if this level is exceeded, the price will target the opening level of 2018’s 1.2004.
The price of the pair could move to Quasimodo Resistance 1.1594 at the close of, crossing the channel resistance starting from the maximum 1.1147 in the middle of the week by forming five bullish candles.
The Quasimodo resistance 1.1733 of the weekly time frame is targeted in the Daily time frame as well as the weekly time frame. Traders, however, would like to be tested once at 1.1594 before going so high.
The US dollar index was the most effective factor in the euro’s rise on Friday. DXY fell to 94.00 on Friday to get the price down.
The price of the pair has now created a position of its own after being tested at 1.16. The price of the pair has risen a few pips above the resistance of 1.1652 as the price has risen even after falling to 1.1581 in the US session. Beyond this level, the price is likely to go to the 1.17 handle.
Buyers are more likely to occupy the market in the weekly and daily time frames and the price may exceed weekly Quasimodo resistance 1.1733.
The Daily Support will want to test once at 1.1594 before the price rises so high, which is matched by the 1.16 handle.
In recent trade, the price of the pair has risen above the opening level of 2019’s 1.2739 , which has created the possibility of the price moving towards the trend line resistance starting from the maximum of 1.5930.
However, traders of trend line resistance will keep an eye on the 127.2% Fibonacci extension point 1.3043, followed by the 2020 opening level of 1.3250 and the 161.8% Fibonacci extension point near 1.3308.
The 200-day SMA (orange – 1.2697) acted as support in the middle of the week, ending the uptrend last week and is likely to cross resistance 1.2840 this week. Traders should also note that this level is located with the trend line support (currently resistance) starting from a low of 1.1409.
If the price does not move above 1.2840, traders will look for ABCD (black arrows) completion 1.2982, which is just below Quasimodo resistance 1.3069.
GBP/USD crossed the 1.28 level on Friday due to better-than-expected UK retail sales data and a weaker US dollar, a psychological point between resistance 1.2796 and 161.8% Fibonacci extension point at 1.2808.
In early June 1.28 acted as a very strong resistance, so this week it is expected that this level may prevent a price increase.
However, the problem is that the weekly resistance has already crossed 1.2739 in the big time frame. The next upward target in the weekly time frame is set at 1.2815. So there is a possibility of a fake out above 1.28.
Last week, the price crossed the opening level of 2020’s 0.7016 and the opening level of 2019’s 0.7042, targeting resistance 0.7147.
The above mentioned annual opening levels this week will act as potential support, where the price level will target resistance 0.7308 if it crosses 0.7147.
By forming a Shooting Star Candle stick pattern, price went down to 0.7168 on Thursday, but on Friday the price went up by making a doji candle.
Looking at the price movement, traders will notice that there is a lot of support and resistance in the big time frame this week. At the bottom is the Daily Support level of 0.7049, which is in line with the above two annual opening levels. Acting as resistance 0.7147 and 0.7168 levels.
On Friday, the price fell to a low of 0.7063 but returned to 0.71 without challenging the support level of 0.7042 and the 38.2% Fibonacci retracement ratio at 0.7048.
Tested at 0.71 on Friday, sellers will want to start selling from the previous week’s close earlier this week.
Daily support will be 0.7049, 38.2% Fibonacci retracement ratio at 0.7048 and 2019 opening level 0.7042.
The USD/JPY pair fell to 105.68 after mid-June when the price fell below the 2020 opening level 108.62. Long term support is targeted at 104.70 this week after crossing the opening level of 7th May 105.98.
According to the daily chart fell below Quasimodo support 106.35 on Friday. As a result, all eyes are on the support level 105.05, which is just above the weekly support 104.70.
The weekly and daily timeframes also point to bearish conditions this week. However, it is likely to be tested once at 106.35 before going down.
Demand for the Japanese yen, known as a safe haven, has risen due to market risk, and the US dollar index has fallen below the 94.00.
The four-hour candlestick has been hovering between 106.74-107.40 since the beginning of July. Price broke the lower level of this range on Friday and moved towards 106. As a result, price is likely to go to Quasimodo support 105.71.
Price in the four-hour timeframe is less likely to recover from Quasimodo support 105.71 as the price level breaks down support levels in the weekly and daily timeframes. However, if the price goes above 106, buyers will regain some courage and target 106.35. However, 106.35 is an eye-catching resistance this week, where sellers will try to fix the price level at daily support 105.05.
The opening level of 2017’s 1.3434 acted as support during the closing of last week. Channel support taken from a minimum of 1.2061 to act as support below this level. However, if the investment in favor of the pair increases, the opening level of 2016’s 1.3814 will act as resistance. If this level is exceeded, the price is likely to move between 1.4190 / 1.3912.
The Daily Timeframe used the 200-day SMA (orange – 1.3515) as support last Tuesday and dropped to a low of 1.3351 on Thursday.
Thursday was a relatively bad day, with many traders saying that the hammer pattern was formed above the support level 1.3303. Meanwhile, the week ended with the formation of a doji candle on Friday.
Crude oil prices rose on Friday after falling 2.2% on Thursday, with the US dollar index crossing 94.50 and falling close to 94.00.
The four-hour candlestick maintained its position above the 1.34 candle after recovered the price from Quasimodo support 1.3356 on Thursday. There was an attempt to go below 1.34 in the US session on Friday. There is a possibility that the price will go up at Quasimodo resistance 1.3466 this week.
Looking at the chart, it is possible that the price is likely to rise above 1.34 earlier this week, where buyers can control the support level 1.3434 in the weekly timeframe.
1.35 could play a very important role as a potential resistance this week, which is related to the 200-day SMA- 1.3515.
Last week, the price of the pair fell by about 180 pips and the price fell far below of resistance 0.9447. This caused price to fall below the Quasimodo support 0.9255, forming a full body bearish candle. Although Quasimodo’s minimum point did not exceed 0.9187, the pattern is still in effect.
If we go down below 0.9287 this week, the support level near 0.9151 will play a very important role.
After testing the weekly resistance at 0.9447 in the previous week, the price is not likely to increase on Monday. The price may drop to the support level 0.9187 this week by making four bearish candles recently.
The price may drop from 0.9187 this week to weekly support 0.9151 and daily support 0.9072.
The US dollar depreciated sharply against the Swiss franc on Friday as the US dollar index fell below 94.50 and demand for the Swiss franc as a safe haven increased. Stood at 0.92 handle during Friday’s closing.
According to the chart 0.92 is a weak resistance, breaking this level is likely to move the price to Quasimodo support 0.9161.
Cell stops below 0.92 have been set. As a result, the price of the pair may fall below the above-mentioned round number this week, which has never happened since 2015. Meanwhile, according to the daily time frame, the price may fall to support level 0.9187.
Gold traded upwards last week and stood at resistance 1882.7 during closing. With this, the price of gold has risen against the US dollar for seven consecutive days.
The price of the pair is hovering near the highest level of 1921.0 so far this week due to the upward trade last week. If the price goes above this level, it is not clear which level the buyers will go to by looking at the chart.
After rising above resistance 1841.0 in the middle of last week, buyers have moved the price to below Quasimodo resistance 1911.9, which is below Gold’s all-time high of 1921.0.
Gold rose six days in a row on Friday as the US dollar continued to depreciate and demand for safe havens increased as Sino-US relations deteriorated.
On Friday, the price rose above Thursday’s highest level of 1898.3 and moved to Quasimodo Resistance 1903.4 without winning the support level of 1871.6. Gold’s current level of resistance is 1921.0.
While everyone is looking at the highest level of 1921.0 this week, counter trend traders will be looking for a shooting star pattern or bearish engulfing candle.
If the maximum level is broken then break out buyers will enter the market and counter trend sellers will leave the market.