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13Sep

DAILY TECHNICAL ANALYSIS FOR SEPTEMBER 13, 2021

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EUR/USD

Current level – 1.1807

During the last trading session from the previous week, the pair couldn’t breach the resistance at 1.1843 and, at the time of writing this analysis, the EUR/USD is found in a consolidation phase in the range between 1.1800 – 1.1843. If the bears manage to breach the support at 1.1800, this would probably lead to a sell-off towards the next support found at 1.1748. On the other hand, if the bulls enter the market and successfully breach the resistance at 1.1843, then their next target should be the resistance at 1.1875. This week, investors’ attention will be focused on the Claimant Count unemployment rate for the U.S. (Wednesday; 12:30 GMT) and on the data on the consumer price index for the euro area (Friday; 09:00 GMT).

USD/JPY

Current level –  109.93

After another unsuccessful attempt at breaching the support at 109.58, the pair continues to trade in the range between 109.58-110.40. The bears would most probably face difficulties in breaching this support and the most likely scenario for today’s trading session is for a test of the resistance at 110.40. However, if the bears prevail and manage to breach the aforementioned support, then the pair will most likely head towards the next support zone at 109.23.

GBP/USD

Current level – 1.3832

After the second unsuccessful test of the resistance at 1.3889, the pound is losing ground against the dollar and the forecasts for today’s trading session are for the pair to head towards the support level at 1.3788. However, if the bulls re-enter the market and manage to breach the resistance at 1.3889, this would pave the way for the currency towards the resistance at 1.4000. This week, investors’ attention will be focused on the Claimant Count data (Tuesday; 06:00 GMT) and the retail sales data for the UK (Friday; 06:00 GMT).

Gold price breaks the support

Gold price ended last Friday below 1797.00 level, which puts the price under expected negative pressure in the upcoming sessions, supported by the EMA50, waiting to visit 1770.00 as a first station.

Therefore, the bearish bias will be expected on the intraday basis, taking into consideration that breaching 1797.00 and holding above it will lead the price to recover again and head towards 1825.15 mainly.

The expected trading range for today is between 1770.00 support and 1805.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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