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Daily Technical analysis for June 24, 2021

EUR/USD

Current level – 1.1923

The common European currency continues to appreciate against the dollar and, at the time of writing, the currency pair is confirming the breach of the level at 1.1920. If confirmed, the breach would lead the pair towards a test at the important resistance and psychological level of 1.2000. In the negative direction, a key support is the level of 1.1850. Today, investors’ attention will be focused on the GDP data for the U.S. (12:30 GMT) and the jobless claims, again for the U.S. (12:30 GMT).

USD/JPY

Current level –  111.01

Since the beginning of the week, the dollar has continued to appreciate against the yen and, during yesterday’s trading session, the pair violated the resistance level of 110.80. The forecast is for the upward trend to continue and aim for the resistance level of 111.70, which is coming from the higher time frames. The first support is the level of 110.11.

GBP/USD

Current level – 1.3950

During yesterday’s trading session, the Cable violated the resistance level of 1.3942 and the expectations are for the dollar to continue depreciating against the pound, which would eventually lead the pair towards a test of the important resistance level of 1.4080. In the negative direction, the first support lies at 1.3892. Today, investors’ attention will be focused on the Bank of England’s interest rate decision (11:00 GMT).

Gold price achieves some slight gains

Gold price rose yesterday to approach 1800.00 level, and bounced bearishly to settle around 1775.00, which keeps the bearish trend scenario valid and active for the upcoming period, waiting to break 1770.00 to confirm the continuation of the bearish trend that targets 1734.10 as a next main station.

The EMA50 continues to support the suggested bearish wave, which will remain valid unless the price rallied to breach 1800.00 and hold above it.

The expected trading range for today is between 1755.00 support and 1790.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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