Daily Technical analysis for May 17, 2021petar skakalov
Current level – 1.2136
The euro rose against the dollar during Friday’s trading session, but today’s session began with a minor sell-off. However, the upward movement is expected to continue after the pair tested, but ultimately failed to breach the support at 1.2129. The first important resistance is the level of 1.2172. This week, investors will focus on the gross domestic product data for the euro area (Tuesday; 10:00 GMT), as well as on the Philadelphia Fed survey data for the United States (Thursday; 13:30 GMT).
Current level – 109.27
The currency pair is found in a corrective phase after initially rising to 109.77, but then failing to stay above the level of significant resistance at 109.68. The expectations are for the upward movement to continue, with the most probable scenario being a successful test of the mentioned resistance. If this proves to be the case, the next target will be the local high at 110.95. In the downward direction, the first important support is the level of 108.94.
Current level – 1.4088
After a short initial correction, the pound is currently gaining momentum against the dollar yet again as the Cable ended Friday’s session in the green. The expectations are for the upward movement to continue towards a test of the important resistance at 1.4146. In case this level is breached, the currency pair will also most likely aim for the local high at 1.4240. The first important support is the level of 1.4003.
Gold price achieves new gains
Gold price opened today’s trading with strong positivity to surpass 1838.00 and reach 1850.00 level now, which supports the continuation of our bullish overview overview efficiently, and the way is open to head towards our next target at 1865.00.
Therefore, we will continue to suggest the bullish trend for the upcoming period, organized inside the bullish channel that gets good positive support by the EMA50, noting that breaking 1838.00 and holding below it will press on the price to achieve temporary bearish correction before turning back to rise again.
The expected trading range for today is between 1838.00 support and 1865.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis