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Daily Technical analysis for May 03, 2021

The EURUSD breaks the support

The EURUSD pair confirmed breaking 1.2064 level after closing last Friday below it, which put the price under expected negative pressure on the intraday basis, on its way to visit 1.1975 as a next negative target, noting that breaking this level will extend the pair’s losses to reach 1.1880 as a next main station.

Moving below the EMA50 supports the expected decline, which will remain valid unless breaching 1.2064 and holding above it.

The expected trading range for today is between 1.1940 support and 1.2100 resistance.

The expected trend for today: Bearish

The GBPUSD under the negative pressure

The GBPUSD pair continued its negative pressure to surpass the EMA50 and formed negative pattern that its signs appear on the chart, which hints heading to achieve more expected decline in the upcoming sessions, but we notice that the price consolidates above the intraday bullish channel’s support line, getting positive support by stochastic.

Therefore, this contradiction between the technical factors makes us prefer staying aside until we get clearer signal for the next trend, noting that breaking 1.3805 will put the price under more negative pressure to head towards 1.3710 as a next negative target, while breaching 1.3825 followed by 1.3860 levels represents positive factor that will motivate the price to recover again and head towards 1.3975 followed by 1.4040 areas mainly.

The expected trading range for today is between 1.3730 support and 1.3910 resistance.

The expected trend for today: Neutral

The USDJPY recovers again

The USDJPY pair breached 109.22 level clearly and closed the daily candlestick above it, which stop the recently suggested negative scenario and lead the price to turn to rise, on its way to achieve gains that start at 110.00 followed by 110.50.

Therefore, the bullish bias will be suggested for the upcoming period supported by the EMA50, unless breaking 109.22 followed by 108.65 levels and holding below them.

The expected trading range for today is between 108.70 support and 109.90 resistance

The expected trend for today: Bullish

Gold price continues to fluctuate

Gold price continues to fluctuate at the key support 1765.00 and keeps its stability above it until now, which keeps our bullish overview valid and active for the upcoming period, and the price needs to breach 1773.00 to ease the mission of heading towards our positive targets that start at 1800.00.

On the other hand, we should note that breakiong 1765.00 will stop the expected decline and put the price under correctional bearish pressure on the intraday basis.

The expected trading range for today is between 1760.00 support and 1790.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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