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Daily Technical analysis for May 19, 2021

EUR/USD

Current level – 1.2225

The common European currency’s appreciation against the dollar continues as the currency pair managed to violate the important resistance level of 1.2172 during yesterday’s trading session. The upward movement is expected to gain momentum and test the next resistance level of 1.2270. In case a corrective movement occurs, then the aforementioned level of 1.2172 would act as a first level of support, while the major support would lie at 1.2065. Today, the focus of investors will shift towards the CPI data for the euro area (09:00 GMT).

USD/JPY

Current level –  109.00

The corrective phase seems complete as the currency pair made a failed attempt to breach the support level of 108.94. The expectations are for the uptrend to be restored and for the pair to test the important resistance level of 109.68, possibly followed by a test of the local high of 110.95. In the negative direction, the first important support is the aforementioned level of 108.94.

GBP/USD

Current level – 1.4186

The sterling’s appreciation against the dollar continues and the market sentiment remains positive as, at least for now, the Cable manages to stay above the former resistance level of 1.4146. The expectations are for the pair to rise and test the next resistance level of 1.4270. In the negative direction, the first support is the aforementioned level of 1.4146.

Gold price within a positive pattern

Gold price’s recent trades are confined within bullish flag pattern that its signs appear on the chart, thus, the price needs to breach 1871.00 to activate the positive effect of this pattern followed by rallying to achieving new gains that reach 1900.00.

The EMA50 continues to support the price from below, to keep our bullish overview unless breaking 1858.00 and holding below it.

The expected trading range for today is between 1858.00 support and 1895.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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