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Daily Technical analysis for May 12, 2021

EUR/USD

The EURUSD awaits the breach

The EURUSD pair shows more attempts to breach 1.2170 level but it finds difficulty to confirm the breach, to show some temporary bearish bias now, affected by stochastic negativity, waiting to resume the positive trades to open the way to head towards our next main target that reaches 1.2300.

On the other hand, we should note that breaking 1.2135 will press on the price to achieve more decline and test 1.2064 areas before determining the next destination clearly.

The expected trading range for today is between 1.2064 support and 1.2230 resistance.

The expected trend for today: Bullish

GBP/USD

The GBPUSD is stable

The GBPUSD pair did not show any strong move yesterday, to remain stable above the main bullish channel’s support line, supported by the EMA50, waiting to head towards 1.4238 that represents our next main target.

Note that breaking 1.4100 will stop the expected rise and press on the price to start correctional bearish wave on the intraday basis.

The expected trading range for today is between 1.4060 support and 1.4220 resistance.

The expected trend for today: Bullish

USD/JPY

The USDJPY resumes the negative trades

The USDJPY pair traded negatively yesterday to touch 108.35 level, showing some slight bullish bias now, noticing that the EMA50 continues to press negatively on the price, to remain stable inside the bearish channel that appears on the chart.

Therefore, our bearish overview will remain valid and active for today unless the price rallied to breach 109.22 level and holding above it, reminding you that our main waited target is located at 107.70.

The expected trading range for today is between 107.90 support and 109.00 resistance

The expected trend for today: Bearish

Gold price keeps its positive stability

Gold price faced temporary negative pressure yesterday to attack 1825.00 level, but it bounced bullishly to settle around 1838.00 level again, to keep the bullish trend scenario valid and active on the intraday and short term basis, which targets 1855.00 followed by 1865.00 levels as next stations.

The EMA50 keeps supporting 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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