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Daily Technical analysis for June 01, 2021

EUR/USD

Current level – 1.2232

The currency pair ended the month of May with gains and it seems that the range phase of the market is coming to an end. The bulls activated at around the 1.2130 support level and are again facing a test of the 1.2240 resistance zone. If the positive attitude is maintained, buyers might try to overcome the area between 1.2240 and 1.2260. An upward momentum and a breakout of this zone would have the potential to raise the rate of the euro against the dollar to 1.2340, and even to 1.2400. The daily support is at around 1.2200, and the most significant one is found at 1.2170. Today, increased market activity is expected due to a series of data on the business activity in the euro area (08:00 GMT), consumer inflation (09:00 GMT) and the ISM manufacturing PMI for the U.S. (14:00 GMT).

USD/JPY

Current level –  109.32

The breach above 109.80 didn’t last long and the bears aggressively returned on the market around the resistance at 110.18. It is likely that their momentum will continue and that the pair will test the support at 109.06. On the higher time frames, sentiment seems mixed and trading may continue to range between the 108.56 support and the 109.74 resistance. A breach of any of these areas would define the future development of the market.

GBP/USD

Current level – 1.4239

The bulls managed to breach the resistance at 1.4208 and the upward momentum is currently in development. The movement has the potential to reach the next resistance at 1.4300. It is possible that, as the day progresses, the sterling could test the breakout zone at 1.4208. If the test is successful, it would further strengthen the bullish sentiment. The main support is the beginning of the impulse at around 1.4163.

Midday update for Gold 

Gold price shows some slight bearish bias now, fluctuating around the main bullish channel’s resistance, waiting to get positive momentum that assist to push the price to resume the bullish trend, which its next target located at 1928.60.

In general, we will continue to suggest the bullish trend for the upcoming period unless breaking 1890.00 and holding below it.

The expected trading range for today is between 1890.00 support and 1935.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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