Current level – 1.1688

The situation with the currency pair is remaining unchanged since the previous trading session and, at the time of writing the analysis, we are seeing the euro consolidate against the dollar around the support level at 1.1686. The bulls are currently managing to limit the sell-off down to the mentioned support, but in case of a bearish dominance, we can expect a shift towards the next significant support area at 1.1600. Today, investors’ attention will be focused on the statement of the FED chair Jerome Powell (15:45 GMT).


Current level –  111.45

The local high from the beginning of July this year at 111.60 was reached and the bulls have gained a major foothold on the market. At the time of writing, we see a minor retreat from the mentioned high and it is possible to witness a corrective phase before the upward move is to continue towards the next zone of resistance at 112.15. In a negative direction, the first significant support lies at the level of 111.00. Today, statements made by Jerome Powell, chairman of the FED in the U.S. (15:45 GMT), and Haruhiko Kuroda, chairman of the Central Bank of Japan (again at 15:45 GMT) could both increase the volatility of the currency pair.


Current level – 1.3543

The pound lost roughly a figure and a half of its value against the U.S. dollar during the last trading session. At the time of writing, we are seeing a consolidation in the support area at 1.3520. For the time being, the bulls manage to withstand the pressure coming from the bears, but a possible seller predominance and a successful breach of the mentioned support would lay the foundations for a deepening of the sell-off towards the next significant support at 1.3445.

Gold price faces solid support

Gold price finds difficulty to break 1735.00 level, to show some slight bullish bias now, noting that the EMA50 keeps pressing negatively on the price, to support the chances of continuing the main bearish trend, waiting to break the mentioned level to confirm opening the way to visit 1692.00.

On the other hand, we should note that breaching 1752.00 will lead the price to achieve additional rises and test 1770.00 before any new attempt to resume the expected bearish trend.

The expected trading range for today is between 1720.00 support and 1755.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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