Current level – 0.9794

Yesterday’s trading session was calm for the single European currency. The currency pair continues to move in the range between 0.9663 and 0.9730, and if the bulls manage to breach the upper limit of the range, then we could witness an attempt to breach the resistance at 0.9813. On the other hand, if the bears manage to gain control over the market, then they could try to test the resistance at 0.9570. During today’s trading session, high volatility will likely result from the expected macroeconomic news from the U.S: the consumer price index (12:30 GMT) and the crude oil stocks reports (15:00 GMT).


Current level – 147.26

The bulls managed to consolidate their breach through the resistance at 145.88 and rally the pair by almost a figure. If the bears manage to stop the momentum of the bulls and tip the scales in their favour, we could witness an attempt to reach the more distant support at 145.29. No news with a strong effect is expected from Japan until the end of the week, with the main factor behind price action being the U.S. inflation data at 12:30 GMT.


Current level – 1.1334

With the Sterling, the bulls managed to breach the resistance at 1.1052. If they manage to take advantage of the gathered momentum, they could move away from it and reach the next resistance at 1.1216. If, however, the U.S. dollar manages to gain value against the British pound, we could witness an attempt to reach the support at 1.0887.

Midday update for Gold

Gold price resumes its negative trading to attack 1660.0 level and close the last four hours’ candlestick below it, reinforcing the expectations of continuing the bearish trend in the upcoming sessions, paving the way to head towards our next main target at 1630.00, supported by the negative pressure formed by the EMA50, noting that holding below 1686.40 represents major condition to continue the suggested decline.

The expected trading range for today is between 1640.00 support and 1680.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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