DAILY TECHNICAL ANALYSIS FOR AUGUST 25, 2022petar skakalov
Current level – 0.9985
During the past session, the movement of the currency pair remained in a narrow range between the support at 0.9901 and the resistance at 0.9999. The long-term downtrend is probably not over yet, even though the upper limit of the range was reached. A potential breakout and a test of the next target — the resistance at 1.0042 — could be a signal that the bulls are trying to get back into the market. If the price fails to hold above the support at 0.9901, then we may witness yet another depreciation of the euro against the dollar towards the levels from 20 years ago. Important data that may have an impact on the market is the IFO business climate report for Germany (08:00 GMT) and the initial jobless claims numbers for the U.S. (12:30 GMT).
Current level – 136.81
The consolidating movement of the currency pair between the support at 136.10 and the resistance at 137.49 continued during the past trading session and the beginning of the new one. The bulls are currently in control of the market and a successful breach of the 137.49 level would likely not surprise anyone. Conversely, if the support at 136.10 is breached, then this would pave the way for the bears to reach the next zone at 135.38, where the bulls should intervene and fight them off.
Current level – 1.1813
Trading in the past session was calm and for now the price of the currency pair manages to hold above the support at 1.1792. We may see a range move and a retracement towards the resistance at 1.1855. However, the bears have settled permanently in the market, and so if the level at 1.1792 does not hold, then the next support at 1.1407 would be easily reached as well. A signal that the bulls may return to the market for a longer time period would be a breach of both resistances at 1.1932 and at 1.2018.
Gold extends gains
Gold extended its gains and surpassed the resistance of 1755, amid buying pressures, pushing the yellow metal towards the next resistance at 1770, provided it holds above 1745.
Expected trading range for today is between the 1750 support and the 1760 resistance.
Expected trend for today: Bullish
Source: Technical analysis