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Daily Technical analysis for July 02, 2021

EUR/USD

Current level – 1.1843

The bears remain in control as the EUR/USD is currently testing the important support level at 1.1846 yet again. A breach of the mentioned zone could lead to new losses for the euro against the dollar and could easily result in a deeper sell-off towards the lows from the end of March at around 1.1717. If the bulls enter the market, their first target can be found at 1.1904, but only a successful violation of the resistance at 1.1955 could lead to a change in the current market sentiments. Today, investors will focus on the data for the change in non-farm payrolls and unemployment (today; 12:30 GMT).

USD/JPY

Current level –  111.58

The Japanese yen continues to lose ground against the U.S. dollar and, during the early hours of today`s trading, the currency pair is trading just under the resistance level at 111.61. A successful breach will strengthen the positive expectations for the future path of the USD/JPY and will most likely lead the pair towards 112.20. If the bulls lose momentum and a corrective phase develops, the sell-off should be limited by the support at 111.01.

GBP/USD

Current level – 1.3758

Yesterday’s test of the support zone at 1.3798 was successful and the sterling continued to lose ground against the greenback. If the pair stays below the mentioned level, the most likely scenario is for the pair to head towards the next support at 1.3655, which is coming from the higher time frames. Only a violation of the next zone at 1.3979 could lead towards a change in the current sentiment..

Gold price consolidates below the resistance

Gold price found solid resistance at 1782.00, as the EMA50 meets this resistance to add more strength to it, but the price still stuck between the key levels represented by the mentioned resistance and 1769.00 support, to keep our neutrality valid until the price manages to surpass one of these levels and detect its next destination clearly.

We remind you that breaking the support will press on the price to resume the bearish trend that its next main target located at 1734.10, while breaching the resistance represents the key to start bullish wave that targets 1800.00 followed by 1825.15 areas on the near term basis.

The expected trading range for today is between 1755.00 support and 1800.00 resistance.

The expected trend for today: Neutral

Source: Technical analysis

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