Current level – 1.1602

Sellers prevailed during yesterday’s session and the EUR/USD dropped to the lowest levels since November 2020 and tested the support at 1.1600. During the early hours of today`s trading, the pair is trading steadily around the mentioned zone. If the breach is confirmed, this could easily lead to new losses for the common european currency against the greenback and could continue the bearish trend towards the support zone at 1.1521. In the upward direction, if bulls re-enter the market, the correction should be limited to the first resistance level at 1.1686. Today, the investors` attention will be focused on the announcement of the data for Initial Jobless Claims in the USA (13:30 GMT).


Current level –  111.81

After the rally of the USD/JPY was limited to the last resistance at 112.00, the currency pair is holding steadily just below the mentioned level. If bulls remain in control and the level at 112.00 is breached, it is highly probable that we will witness new gains for the dollar against the yen. If buyers lose momentum, bears could lead the pair to a test of the support at 111.63. However, only a successful breach of the target at 110.00 could lead to a change of the current sentiment of the market participants.


Current level – 1.3448

The sell-off for the GBP/ USD continues and the pair tested the support zone at 1.3422. A breach of the aforementioned will most likely deepen the decline towards the zone at 1.3360, coming from the higher time frames and would strengthen negative expectations for the future path of the currency pair. Better than expected data for UK’s GDP (today;06:00 GMT) could help buyers to lead the GBP/USD to a test of the first resistance zone at 1.3520. Successful breakthrough would pave the way to the next target at 1.3609.

Gold price is retesting

Gold price broke 1735.00 level strongly and closed the daily candlestick below it, to confirm the domination of the bearish trend in the upcoming sessions, noticing that the price is retesting the broken level, waiting to resume the negative trades to visit 1692.00 mainly.

On the other hand, we should note that breaching 1735.00 – 1740.00 levels will stop the negative scenario and lead the price to achieve intraday gains that target testing 1770.00 areas before any new attempt to decline.

The expected trading range for today is between 1715.00 support and 1745.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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