EUR/USD Update:

🇪🇺🇺🇸 The Euro remains flat against the US Dollar as traders await PMI numbers for Italy, Spain, France, Germany, and the Eurozone. Unemployment numbers for Germany and inflation figures for the Eurozone are also due out and may trigger some volatility, therefore for now it seems wise to trade ranges between support at 1.2170 and the strong resistance area between 1.2240/1.2280.

Support: 1.2170 / 1.2070
Resistance: 1.2240 / 1.2280

Our Daily Market Commentary published on June 1st, 2021 via #FXStreet 👇🏼
https://www.fxstreet.com/analysis/fx-remains-range-bound-despite-strong-risk-sentiment-202106010735

Stocks in London remain strong despite #inflation concerns with the FTSE100 firmly supported by the 4H 200-SMA around the key 7000 figure 🇬🇧

Buy or Sell the FTSE100 index?

Read our daily stock index analysis via #FXStreet by clicking on the link below 👇

https://www.fxstreet.com/analysis/ftse100-remains-bullish-despite-low-volume-202106010742

⛽️ WTI Crude oil hit our long resistance target in yesterday’s session, topping 2-year highs, after OPEC+ provided an upbeat assessment of the demand outlook with the Saudi Energy Minister saying that the consumption picture has shown clear signs of improvement. API weekly inventory data to be released today, where a buildup in inventory could accelerate downside momentum with 66.20 as next support target.

Here's today's EURUSD and GBPUSD forecasts
🇪🇺🇺🇸 🇬🇧🇺🇸

https://www.fxstreet.com/analysis/euro-and-pound-forecasts-202106020759

CRUDE OIL UPDATE:

WTI Crude oil ended yesterday’s session in the green at $68.75, highest close since October 2018, after an industry report showed US stockpiles fell by as much as 5.36Mb last week, as investors await official EIA data today for confirmation. Technically, $68.70 previous resistance, now turned support should hold to favor further upside with $70 as next resistance target.

Support: 68.70 / 67.92
Resistance: 70 / 71

Today's markets
ECB monetary policy decision followed by press conference will be the main event of the day

talk of tapering?

Inflation Soars to 5% a 13-year high!
Gold is very sensitive to the rate of inflation
a break above resistance at 1912 / 1915 will trigger a new round of upside acceleration to our target at $1949 🎯📈

🚗 Elon Musk unveiled Telsa’s “crazy fast” Model S Plaid, its quickest vehicle yet. The car can reach 100 km/h in less than 2 seconds!! 💪

👉🏼 https://bloom.bg/3xdxjnd

EUR/USD Update 🇪🇺🇺🇸

Fed is waiting for a stronger labor market before considering any kind of policy shift that normally should boost USdollar 🇺🇸

Expect EURUSD to pullback some more especially after series of lower lows followed by the recent crossing of moving averages the 4H 📉

Gold Update:

Gold rallied a bit during the trading session today so a bit of a recovery is good.
BUT: The $1820 to $1840 area above is a significant resistance, especially as it is backed up by the 200-day MA.
👉🏻 if we can break above the 200-day MA, it is likely the strong momentum will resume and a new wave of buyers will push prices back to $1900. Meanwhile, with a stronger US dollar, and if the strong momentum fades next week, expect gold prices to drop below the strong support at $1770 and test the $1680 lows 📉

DowJones jumps nearly +300 as Nasdaq & SP500 hit fresh record highs boosted by hopes for a bipartisan infrastructure deal 🇺🇸💪🏼

Technically as seen on 4H Dow will hit a strong resistance level while RSI not yet signalling overbought but getting there soon📉

GBP/USD Trade Idea:

🇬🇧🇺🇸 The Pound bounces towards 1.3920 as the US dollar eases across the board as US infrastructure lifts the sentiment. But Brexit updates and Delta covid-19 variant keeps the cable under pressure
👉🏻Technically, failure to move beyond the resistance level at 1.3920 triggered a new round of selling as it looks like GBP/USD may be on its way down to retest the 1.38's lows📉

GOLD UPDATE:

Gold price keeps bearish streak intact while US dollar gains strength following Fed’s hawkish expectations.

Technically, the bear pennant breakdown is now confirmed after the close below $1770 key support on the 1D chart. Failure to go back up this morning will open the door for more weakness with $1680 as next downside target 🎯📉

USD/CAD UPDATE:

OPEC+ headlines ahead of Thursday’s meeting push WTI crude prices higher, the key export item for Canada, but fail to push the Canadian Dollar higher as the US Dollar keeps gaining strength following the Fed's hawkish expectations. A sustained move above 1.24 will boost the USD/CAD towards last week's high at 1.2470 an 1.2620 on the medium term if the fundamentals don't change 🇺🇸🇨🇦

Target reached @ 1.38 🎯💥

GBP/USD Intraday: key resistance at 1.3805.Pivot: 1.3805

<b>Our preference:</b> short positions below 1.3805 with targets at 1.3735 & 1.3710 in extension.

<b>Alternative scenario:</b> above 1.3805 look for further upside with 1.3835 & 1.3860 as targets.

<b>Comment:</b> as long as 1.3805 is resistance, look for choppy price action with a bearish bias.

<b>Supports and resistances:</b>
1.3860
1.3835
1.3805
<b>1.3777</b> Last
1.3735
1.3710
1.3690

https://charts.tradingcentral.com/charts/76_20210708163202.gif

EUR/USD Intraday: further upside.Pivot: 1.1830

<b>Our preference:</b> long positions above 1.1830 with targets at 1.1880 & 1.1895 in extension.

<b>Alternative scenario:</b> below 1.1830 look for further downside with 1.1810 & 1.1790 as targets.

<b>Comment:</b> the RSI is bullish and calls for further advance.

<b>Supports and resistances:</b>
1.1910
1.1895
1.1880
<b>1.1860</b> Last
1.1830
1.1810
1.1790

https://charts.tradingcentral.com/charts/74_20210708163200.gif