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Daily Technical analysis for May 26, 2021

EUR/USD

Current level – 1.2244

The currency pair managed to stay above the support at around 1.2240 and the sentiment remains positive – for a new rally. Potential targets for the bulls could be the resistance zones at 1.2340 and at 1.2420. The expectations for a weaker U.S. dollar remain unchanged, but if the rally does not take place, it is very possible that the market will need more time to breakout and trade could return back to the support of 1.2170. A daily support bulls can expect at around 1.2240.

USD/JPY

urrent level –  108.73

The market continues to struggle to find а clear direction and trading remains limited between the zones of 108.55 and 108.97. The support at 108.55 is holding back the bearish pressure for now, but it is not attracting much interest from the buyers, either. It is possible that the zone will be breached and the declines will deepen towards 108.20 or 107.80. On the other hand, a breach above 108.97 would tip the scales in favor of the bulls and they might try to take on 109.20 and 109.67. The mood is mixed and a breach in either zone would form short-term sentiment for the market participants.

GBP/USD

Current level – 1.4141

The pause in the uptrend continues, with the main supports being 1.4100 and 1.4035. Buyers remain strong and are managing to hold their ground. A breach of 1.4200 is the most likely scenario for the pair at the moment. The first target may be the zone at 1.4270 or 1.4350.

Gold price surpasses the target

Gold price succeeded to achieve our main waited target at 1900.00 and breached it to confirm extending the bullish wave on the short term and medium term basis, as our next target is located at 1928.60, noting that the EMA50 keeps supporting the price to achieve more expected gains in the upcoming period.

Holding above 1880.00 is important to continue the suggested bullish wave, as breaking it will press on the price to achieve intraday bearish correction before turning back to resume the expected bullish trend.

The expected trading range for today is between 1890.00 support and 1928.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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