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Daily Technical analysis for June 04, 2021

EUR/USD

Current level – 1.2116

During yesterday’s trading session, the euro lost quite a bit of its value against the dollar as the support at 1.2128 was breached. A short-term downward correction followed and the mentioned level, which is already acting as resistance, was tested, but not breached. The downward trend is forecasted to continue, with the first important support being 1.2065. Today, investors’ attention will be drawn towards the data on the non-farm payrolls changes for the United States (12:30 GMT).

USD/JPY

Current level –  110.18

After a short correction, the currency pair continues its upward movement and, during the last trading session, managed to breach the important resistance at 110.18 and close above it on a daily basis. The upward movement is expected to continue and the pair is to move in for a test of the critical resistance at 111.00. In case of a downward movement, the first important support sits at 109.74.

GBP/USD

Current level – 1.4096

After the formation of a double top at 1.4240, the pair started a downhill slide and this trend is projected to continue. The current levels at around 1.4100 are acting as a support zone. Should this zone become breached, the pound should continue to lose its value against the greenback and the pair will most likely focus on a test of the next important support at 1.4035. The critical level of resistance is the mentioned double top at 1.4240.

Gold price suffers sharp losses

Gold price faced strong negative pressure yesterday after breaking 1894.20 level, to touch the bullish channel’s support line at 1855.00 and begins to rebound bullishly from there, and according to the trading rules inside the channels, the price is on its way to start new bullish wave that targets visiting 1922.00 areas mainly.

Therefore, we suggest witnessing more rise in the upcoming sessions, supported by stochastic positivity, taking into consideration that breaking 1855.35 will stop the positive scenario and press on the price to achieve more bearish correction.

The expected trading range for today is between 1855.00 support and 1900.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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