Home Daily Analysis Forex Market Overview Daily FX Brief, Jun 10 – Trade Setups In EUR/USD & GBP/USD

Daily FX Brief, Jun 10 – Trade Setups In EUR/USD & GBP/USD

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Todays Main Events on the Economic Calendar

Today the market is all about U.K. Economic Events (scroll up to see them after the fact). Here’s a list:

 


Technical Overview 


EUR/USD – Daily Outlook

On Friday, the EUR/USD pair rose to 1.1347, as a miserable U.S. employment announcement stoked speculation of an upcoming rate cut in the U.S., compelling further the greenback.

According to official data, the U.S. economy scored 75K new jobs in May, well beneath the 185K forecast, while the April number was downwardly compared to 224K vs. the previous estimate of 263K.

On the technical front, the EUR/USD pair settled around 1.1330, bullish according to the daily chart, as it advanced above its 100 DMA for the first time since mid-March, with the 200 DMA in the 1.1360 regions providing an immediate dynamic resistance.

R3: 1.1664
R2: 1.1471
R1: 1.1402
Key Trading Level: 1.1279
S1: 1.1209
S2: 1.1086
S3: 1.0893


GBP/USD – Daily Outlook

The Sterling profited from extensive weakness in the greenback at the end of the week, prolonging its weekly rally up to 1.2753, its highest in nearly three weeks. The pair ended at around 1.2735, as U.K. political dilemma continued demand for Sterling subdued.

The British PM May formally resigned as Conservative leader, to pave the way for a leadership context that could result in a Brexiteer becoming the next UK PM.

Technically, the daily chart for the GBP/USD pair confirms that it ended just above a strongly bearish 25 and 50 EMA and that it remains well below the larger one, reflecting the limited buying interest.



Technical factors have continued recovering, the trend now struggling to surpass its midline and the RSI at 45, falling short of confirming more gains are coming.

R3: 1.3009
R2: 1.2856
R1: 1.2797
Key Trading Level: 1.2704
S1: 1.2644
S2: 1.2551
S3: 1.2398

In the 4 hours chart, the pair is extending above its 20 and 50 EMA, with the shorter one advancing above, the larger one, providing some support. All together intimates that buyers are not yet able to keep pushing the Pound higher.

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