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Daily Technical analysis for July 20, 2021

EUR/USD

Current level – 1.3668

The test of the support level at 1.3739 was successful and the sterling lost quite a bit of ground against the dollar. During the early hours of today`s trading, the Cable is holding positions above the lower support zone at 1.3665 and, if the bearish attack continues, we will most likely see the mentioned support breached.. This would easily deepen the sell-off and push the Cable towards the February lows of 1.3600. The first target for the buyers is the level of 1.3739, which is now acting as a resistance, followed by the zone at 1.3800.

USD/JPY

Current level –  109.50

The U.S. dollar continued to lose ground against the yen during yesterday’s session and the pair violated the support at 109.53. At the time of writing, the Ninja is confirming the mentioned breach and, if it is successful, the sell-off should continue forward with full steam, thus strengthening the negative expectations for the future path of the USD/JPY. The first target for the bulls can be found at the level of 109.72, but only a successful breach of the resistance at 110.60 could lead to а change in the current sentiment and help the greenback recover against the yen.

GBP/USD

Current level – 1.3668

The test of the support level at 1.3739 was successful and the sterling lost quite a bit of ground against the dollar. During the early hours of today`s trading, the Cable is holding positions above the lower support zone at 1.3665 and, if the bearish attack continues, we will most likely see the mentioned support breached.. This would easily deepen the sell-off and push the Cable towards the February lows of 1.3600. The first target for the buyers is the level of 1.3739, which is now acting as a resistance, followed by the zone at 1.3800.

Wheat price resumes the rise

Wheat price resumed its positive trades after testing 701.00 level, to keep the bullish trend scenario valid and active for the upcoming period, supported by the EMA50, waiting to visit 726.80 as a next main target.

Holding above 701.00 is important to continue the suggested bullish wave, as breaking it will press on the price to turn to decline.

The expected trading range for today is between 695.00 support and 720.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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