Current level – 1.0130

During yesterday’s trading session, the bulls’ attack was thwarted around the resistance level at 1.0186. The buyers lost their momentum and the bears in turn took control over the market, paving their way towards the first significant support at 1.0115. Although the bulls took control at the end of last week, we still can’t talk about an end of the bearish push just yet. A breach of the levels at around 1.0400 – 1.0500 could be the only event signalling the calming down of the sell-off and a possible end of the bearish trend. There is no economic news for today that could impact the volatility as investors are looking forward to the European Central Bank’s interest rate decision (Thursday; 12:15 GMT).


Current level – 138.17

The situation with the Ninja remains unchanged from the previous session. The pair consolidated just above the support area at 137.84 as the bulls gave up control to the bears and lost some of their gains to the U.S. dollar. This, in turn, could be seen as a fleeting correction and an attempt to find better entry levels before we witness another attack on the resistance and also a key psychological level at around 140.00. The main support remains at the mentioned level at 137.84.


Current level – 1.1936

The bears thwarted the bulls’ attack at the 1.2045 resistance, then managed to breach the first support at 1.1962 and lead the trade towards the 1.1900 support area. A possible deepening of the sell-off could create conditions for reaching the local minimum at around 1.1800. In the positive direction, the mentioned resistance at 1.2045 is a major obstacle for the bulls if they wish to reverse the bearish trend. Тhe Claimant Count unemployment change data (today; 06:00 GMT) could have an impact on the volatility of the currency pair.

Gold price faces solid resistance

Gold price found difficulty to surpass the intraday bearish channel’s resistance, to trade negatively now, falling under negative pressure formed by the EMA50, which pushes the price to achieve more expected decline in the upcoming sessions, and the targets start by surpassing 1700.00 barrier and open the way to head towards 1650.00 as a next main station.

Therefore, the bearish bias will be suggested for today, taking into consideration that breaching 1720.00 will push the price to start correctional bullish wave that targets testing 1735.25 followed by 1760.00 levels.

The expected trading range for today is between 1685.00 support and 1720.00 resistance

The expected trend for today: Bearish

Source: Technical analysis

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