Daily Technical analysis for June 25, 2021petar skakalov
Current level – 1.1940
The market is in a pullback phase and volatility has been significantly reduced. At the moment, the bulls keep the local support at 1.1920, and the first resistance for them is 1.1955. The support zone at 1.1800 comes from the higher time frames and attracts strong interest from the bulls. It is very likely that, if these players are still on the market, the price will not get there and the market will roll over from the current levels. If buyers manage to keep prices above 1.1955, then there will be a change in sentiment and the chances of the market turning around will increase. In an alternative scenario, it is possible that the bulls will try to overcome 1.1955 and that, at about 1.2000, sellers would resume their pressure in order to attack 1.1850. The failure of the supports at around 1.1850 and 1.1800 will deepen the losses, and a potential target could be the area at around 1.1600.
Current level – 110.88
The rally for the pair ended at the resistance of 111.00 and the market entered a consolidation phase. It is likely that prices during today’s trading session will remain in the range between 110.70 – 111.00. After the end of the correction and the subsequent resumption of the uptrend movement, the target for the bulls could be the resistance at 111.70, followed by the one at 112.20. The main supports for the buyers are found at 110.11 and 109.80.
Current level – 1.3929
The Sterling ended yesterday’s session in the red after the meeting of the central Bank of England. The area between 1.3980 and 1.4000 attracts the interest of sellers and they are currently controlling the market. The local support is 1.3890, and the main one coming from the higher time frames is 1.3800. It is quite possible to develop a complex correction with another bottom at 1.3800, if the bears resume their attacks. The corrective phase may be long, but a possible breach of 1.3800 would generate a wave of sales towards 1.3670 and 1.3450.
Gold price attempts negatively
Gold price provided negative trades and attempted to approach 1770.00 level, waiting for more decline to break this level and confirm extending the bearish wave towards 1734.10 as a next negative station.
The EMA50 keeps supporting the expected bearish trend, to continue suggesting the bearish bias conditioned by the price stability below 1800.00, as breaching this level will lead the price to start recovery attempts that target testing 1825.15 areas initially.
The expected trading range for today is between 1755.00 support and 1790.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis