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DAILY TECHNICAL ANALYSIS FOR SEPTEMBER 17, 2021

EUR/USD

Current level – 1.1763

Despite the expectations for a test of the resistance zone of 1.1847, the bears managed to prevail and have successfully broken through the support zone of 1.1774. At the time of writing, the currency pair is consolidating just below the mentioned level, and the mood is rather negative – for a test of the next more significant support area at 1.1731. The announcement of the consumer price index data for the euro area (today; 08:00 GMT) could affect market volatility.

USD/JPY

Current level –  109.85

The sell-off was successfully limited to the support zone of 109.18, after which the bulls entered the market and managed to breach the resistance zone of 109.67. This laid the foundations for an upward move, which will aim to reach and test the zone of the next significant resistance area of 110.20, which is also the upper boundary of the narrow range between 109.18 – 110.20. Investors will look forward to the interest rate decision of the Central Bank of Japan scheduled for next week, although no changes are expected at the moment.

GBP/USD

Current level – 1.3785

After the minor rise during the past session and the false breach of 1.3826, the bears entered the market and led the currency pair to the support level of 1.3785. At the time of writing the analysis, sentiments are rather negative – for a deepening of the sell-off towards the next significant support area of 1.3732. The data on retail sales sans autos for the UK (today; 06:00 GMT) could affect the volatility of the currency pair.

Gold price suffers shrap losses

Gold price declined strongly yesterday to break 1770.00 level and open the way to head towards 1735.00 that represents our next negative target, as it completed forming negative pattern that supports the chances of achieving more decline in the upcoming sessions, reinforced by the negative pressure formed by the EMA50.

Therefore, we expect the continuation of the bearish bias domination on the intraday basis, noting that breaching 1770.00 will stop the current negative pressure and lead the price to start new recovery attempts.

The expected trading range for today is between 1735.00 support and 1775.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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