Daily Technical analysis for June 10, 2021petar skakalov
Current level – 1.2166
The currency pair failed to stay above the resistance at 1.2207, ending the upward movement of 1.2100. The euro is projected to continue to lose value in favor of the dollar as, in the first hours of today’s trading session, the pair breached the support at 1.2170. The next important support is found at 1.2106, and the critical resistance is the mentioned level of 1.2207. Today, investors’ attention will be focused on the European Central Bank interest rate decision (11:45 GMT), as well as on the data for the core CPI for the United States (12:30 GMT).
Current level – 109.53
The dollar recovered against the yen in the last few trading sessions and, although today’s session started with a decline, the forecasts are for the upward trend to continue and for the pair to test the important resistance at 110.18. The first important support is located at 109.06.
Current level – 1.4111
The currency pair continues to trade in the narrow range between 1.4101 and 1.4209, but the forecasts are for a breach of the lower limit of this range and a subsequent decline. This lower limit at 1.4101 is acting as a critical support. In the upward direction, the first resistance is the level of 1.4177, followed by the upper limit of the range at 1.4209.
Gold price declines calmly
Gold price shows slight bearish bias to move below the EMA50, noticing that stochastic attempts to gain the positive momentum, waiting to get motive that assist to push the price to resume the main bullish trend, which targets 1928.60 as a next main station.
In general, we will continue to suggest the bullish trend for the upcoming period conditioned by the price stability above the bullish channel’s support line, which rise now to 1872.50, as breaking this level will press on the price to start correctional bearish wave on the intraday basis.
The expected trading range for today is between 1875.00 support and 1910.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis