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Daily Technical analysis for May 11, 2021

EUR/USD

Current level – 1.2143

During yesterday’s trading session, the dollar rose against the euro, with the currency pair entering a correction after initially rising from 1.1985. In the first hours of today’s trading session, however, the euro strengthened its position against the dollar and the forecasts are for the upward movement to return and for the pair to focus on the first important resistance at 1.2170. A critical support is the level of 1.2126. Today, investors’ attention will be focused on the data on the ZEW economic sentiment for Germany (09:00 GMT).

USD/JPY

Current level –  108.86

The dollar rose against the yen in the last trading session, but in our opinion, this movement is only corrective in nature and the downward movement will soon continue. The yen is projected to move towards the key support level at 107.80. The first important resistance is the level of 109.40.

GBP/USD

Current level – 1.4123

In the last two trading sessions, the pound rose against the dollar and is projected to continue. A short-term correction to the level of the key support of 1.4005 is possible. However, if this level remains unbreached and the price stays above it, the upward movement should continue and the pair will most likely head towards a test of the important resistance and a local high of 1.4240.

Gold price continues the positive attempts

Gold price approached 1847.00 level but it bounced bearishly to settle below 1838.00, noticing that stochastic gets rid of its negative momentum clearly, waiting to motivate  the price to resume the main bullish trend, which its next target extends to 1865.00.

The EMA50 continues to support the suggested bullish wave, which will remain valid conditioned by the price stability above 1825.00.

The expected trading range for today is between 1820.00 support and 1855.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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