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Daily Technical analysis for June 11, 2021

EUR/USD

Current level – 1.2175

Yesterday’s volatility, caused by the data regarding the inflation in the U.S., did not manage to help the pair break out of the 1.2170 – 1.2207 range. The expectations for today’s trading session are for the EUR/USD to test the support at 1.2100, in case 1.2170 succumbs to the bearish pressure. The lack of any important economic news for today gives rise to the possibility that the EUR/USD will continue to trade around the current levels. Only a breach of the resistance at 1.2207 could help the pair build up enough momentum to initiate a move towards the local high at around 1.2244.

USD/JPY

Current level –  109.35

At the time of writing, the pair is testing the support at 109.36 as a result of yesterday’s sell-off.. It seems like the pair is starting a consolidation phase and the most probable scenario for today is for the USD/JPY to continue trading in the 109.00 – 109.74 range.. In case the bears manage to overwhelm the critical support at 109.00, that would most likely initiate a sell-off towards 108.56. Should the bulls take back control, however, the first resistance would lie at 109.74.

GBP/USD

Current level – 1.4178

At the time of writing this analysis, the pair is testing the important resistance at 1.4177. The expectations for today’s session are for a move towards 1.4100, but before the sell-off the pair might breach 1.4177 and head towards 1.4209.. The level at 1.4100 plays the role of a critical support and, if breached, a more bearish picture will be painted.

Gold price achieves good gains 

Gold price continues to rise to test 1900.00$ barrier now, reinforcing the expectations of continuing the bullish trend, organized inside the bullish channel that appears on the chart, reminding you that our main waited target is located at 1928.60.

Moving above the EMA50 supports the expected rise, which will remain valid unless breaking 1876.00 level and holding below it.

The expected trading range for today is between 1885.00 support and 1920.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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