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Daily Technical analysis for July 23, 2021

EUR/USD

Current level – 1.1778

The downward movement was once again limited by the support level at 1.1760 and the currency pair continues to trade within the narrow range between 1.1760 – 1.1800. At the time of writing, the market has no clear direction and the bulls might try to take the pair towards 1.1850. Only a breach of the critical support at 1.1760 may lead to further sell-offs, heading the EUR/USD towards the next support at 1.1717.

USD/JPY

Current level –  110.11

At the time of writing this analysis, the currency pair is found in consolidation phase and the expectations are for a new test of the resistance at 110.30. In case this resistance is breached and the bulls enter the market, then it is possible for the pair to head towards 110.60 – 111.10. In the negative direction, the first support is located at 109.70.

GBP/USD

Current level – 1.3774

The sterling continues to appreciate against the U.S. dollar and is currently headed towards a test of the resistance at 1.3800. If this level is breached, it is possible for the pair to test the next resistance at 1.3860. If the bears prevail and the resistance at 1.3800 is not breached, then the pair is expected to test the support at 1.3665.

Gold price gets a negative motive

Gold price faces difficulty to break 1797.00 level, to show some bearish bias and test the EMA50 that forms good resistance against the price, noticing that stochastic provides negative signals now, which supports the chances of resuming the negative trades to break the mentioned level and open the way to visit 1770.00 as a next target.

Therefore, our bearish overview will remain valid and active unless the price rallied to breach 1825.15 and hold above it.

The expected trading range for today is between 1775.00 support and 1820.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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