TriumphFX – Forex Analysis – EUR Pairs – April, May & June 2021
Previous analysis… https://analysis.tfxi.com/2020/12/24/triumphfx-forex-analysis-eur-pairs-january-february-march-2021/
EURCHF – Daily Chart
EURCHF has been bullish and has swung higher, as suggested in our last EUR chart analysis.
Price is up-trending and is currently in a retrace move. The moving averages are bullish and widening, suggesting that the uptrend could continue.
Opportunities to go long may exist around any of the key Fib levels, around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.0880 and 1.0745. A bullish move could be rejected or reverse around the recent swing high at 1.1120.
The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The SNB recently announced that it will continue to intervene with in foreign exchange markets but will likely keep rates unchanged until 2022. The SNB are expecting economic growth from the 2nd quarter of 2021.
The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB have hinted at providing more economic stimulus, if needed.
EURGBP – Daily Chart
As suggested in our last EUR analysis, EURGBP broke below the range support area and has since been bearish.
Price action has formed a series of lower swing highs and lower swing lows, signalling a potential downtrend. The moving averages confirm the potential downside – they are bearish and widening. On the weekly time-frame, EURGBP continues to range between 0.8300 and 0.9325.
Opportunities to go short could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.8680, 0.8860, 0.9140 and 0.9255. A bearish move may reverse around the key support area at 0.8300.
The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB have hinted at providing more economic stimulus, if needed.
The Bank of England (BOE) continue to keep rates at the record low at 0.10%. Recent economic figures have been more positive than expected. With the rollout of vaccines and the ease of lockdowns on the horizon, the BOE expect a strong economic rebound during 2021.
EURJPY – Daily Chart
Price has been bullish, as suggested in our last EUR chart analysis.
The EURJPY is up-trending. Price action has formed a tight bullish channel and price is moving within the channel. The daily moving averages are bullish and widening, suggesting that the uptrend could continue.
Long opportunities may exist around the bullish channel support area, around the dynamic support of the moving averages and around any of the horizontal levels at 128.45, 127.35, 125.15, 121.70 and 119.35. A bullish move could stall or reverse around the recent highs at 130.45 and around the bullish channel resistance area.
The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well under the current COVID-19 economic crisis, relative to other 1st world countries.
The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB have hinted at providing more economic stimulus, if needed.
EURUSD – Daily Chart
As suggested in our last EUR analysis, price reversed around the bullish channel resistance area.
The EURUSD has since been bearish. Price is starting to look indecisive. The daily moving averages confirm this – they are starting to tighten and move sideways. The EURUSD is ranging on the weekly time-frame.
Trading opportunities could exist around the moving averages, around the diagonal resistance areas and around any of the horizontal levels at 1.0655, 1.0775, 1.1135, 1.1170, 1.1400, 1.1615, 1.1960, 1.2175 and 1.2335.
The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB have hinted at providing more economic stimulus, if needed.
The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than expected originally.
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