DAILY TECHNICAL ANALYSIS FOR APRIL 26, 2022petar skakalov
Current level – 1.0726
After the breach of the important support at 1.0757, the Euro lost quite a bit of ground against the dollar and the pair tested the support zone at 1.0704. During the early hours of today`s trading, the EUR/USD consolidated around the mentioned level and if the bearish attack continues and this level falls, then the pair will most likely head towards the lows from Мarch 2020 at around 1.0650. The first target for the bulls is the mentioned level at 1.0757, which is currently acting as resistance, followed by the target at 1.0811.
Current level – 127.401
The bears prevailed, and during the early hours of today`s trading, the currency pair fell below the lower border of the range between 127.60 and 128.75. A confirmed breach here could easily deepen the decline and lead to a sell-off towards the support zone at 126.96, followed by the level at 126.48. If the bulls enter the market, then a violation of the important resistance at 128.75 could easily pave the way for a new attack on the high at 129.38 and would strengthen the positive expectations for the future path of the Ninja.
Current level – 1.2749
The depreciation for the pound against the dollar was limited to the support zone at 1.2709, and at the time of writing the analysis, the Cable is holding positions above the aforementioned level. If the bearish momentum fades and the bulls prevail, then they could lead the pair towards the resistance level at 1.2986, but only a successful violation of the target at 1.3045 could lead to a change in the current sentiment of the market participants. If the sellers remain in control, however, then a new breach attempt of the zone at 1.2709 would be the most probable scenario. If confirmed, this breach could prolong the sell-off and could easily lead to future losses towards 1.2670 for the sterling.
Gold price keeps achieving the negative targets
Gold price declined clearly yesterday to succeed reaching our waited target at 1890.00, showing some slight bullish bias affected by stochastic positivity, and it might test the key resistance 1925.35 before turning back to decline again, noting that breaking 1890.00 will extend the bearish wave to reach 1850.00 on the near term basis.
Therefore, we expect the continuation of the main bearish bias domination unless the price rallied to breach 1925.35 and hold above it.
The expected trading range for today is between 1875.00 support and 1915.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis