DAILY TECHNICAL ANALYSIS FOR MAY 27, 2022
EUR/USD
Current level – 1.0736
The euro continues to demonstrate compelling strength versus the U.S. dollar and gained ground against the greenback, reaching the resistance at 1.0730. At the time of writing, the bulls are struggling to overcome this critical resistance, where a confirmed breach could be considered as a reversal signal of the long-term downtrend, and the recovery would most probably continue towards the next key resistance at 1.0800. If the buyers overcome this psychological level, then we could expect a further increase towards 1.0925. However, in case the zone at 1.0800 withholds the bullish pressure, then a consolidation in the range of 1.0641 – 1.0800 will be the most likely scenario. Despite the positive sentiment, the current levels could be considered as a great opportunity for the sellers to re-enter the market, and if this happens, we might witness a retracement towards the support zone at 1.0600. Higher volatility can be expected when the core PCE deflator and personal income for the U.S. are both announced at 12:30 GMT.
USD/JPY
Current level – 127.00
The forecasts for today’s trading session are for the pair to consolidate within the range of 127.60 – 126.46 as the downward movement was limited to the support zone at 126.46. A confirmed breach of the lower border of the range may lead the pair towards a test of the next support level at 125.86. In the opposite direction, a successful breach of the resistance at 127.60 would probably nudge the pair towards a test of the key resistance at 128.10.
GBP/USD
Current level – 1.2614
The pair is headed towards a test of the critical resistance level at 1.2624, and if the bulls do not lose momentum and successfully violate this zone, then the next target would be the resistance at 1.2760. However, if the bears manage to regain control, then a corrective move towards the support at 1.2500 could take place instead. Considering the complex economic situation, the pair may enter a consolidation phase in the range of 1.2624 – 1.2500 as the market participants are still cautious and expect news regarding the conflict between Ukraine and Russia before taking a decision on whether to take a short or a long position.
Gold price keeps its positive stability
Gold price ended yesterday above 1850.00 level, to keep the bullish trend scenario active for the upcoming period, supported by the EMA50 that carries the price from below, waiting to resume the bullish wave that targets 1890.00 as a next main station.
The price might witness some sideways fluctuation until managing to gather enough positive momentum to push trades to rise again, reminding you that the continuation of the expected rise depends on the price stability above 1850.00 and 1838.10 levels.
The expected trading range for today is between 1840.00 support and 1880.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis
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