EURUSD Daily Analysis EURUSD (1.105): EURUSD formed a spinning bottom yesterday seeking support at 1.10 with the price action seeing a bullish follow through in early Asian trading today. The gains came after markets started pricing a Fed rate cut this year following the Brexit verdict. The Fed funds futures rate is now surprisingly pricing in a 17% rate cut by September, increasing from 7% on Friday. From a technical perspective, the euro has managed to establish support near 1.10 – 1.0985 support level and in the interim, price action remains caught above this support and below 1.1143 – 1.115 resistance levels. USDJPY Daily Analysis USDJPY (102.09): USDJPY also closed in a modestly bullish note yesterday with price seen to be stabilizing above 101.250 support. However, the 4-hour chart’s bearish pennant pattern remains in play keeping the downside bias intact. The view shifts only in the event of a breakout above 103.130, in which case, USDJPY could be looking to move sideways below 104.50 – 105, but the further upside could be seen on a break above this resistance level. GBPUSD Daily Analysis GBPUSD (1.330): GBPUSD extended its declines yesterday and closed below Friday’s lows to settle at 1.3224. Price action is currently attempting to move higher, but the upside is limited to the unfilled gap from Friday’s close at 1.3677. On the 4-hour chart, resistance is seen at 1.3385, and further upside is likely only on a break out above this resistance. To the downside, with the lows being established, GBPUSD could remain limited in its declines for now. Gold Daily Analysis XAUUSD (1317.48): Gold prices are retreating after price action yesterday was largely flat resulting in a doji pattern. A bearish follow through today could see gold prices slide towards the 1300 – 1290 levels of support which previously acted as resistance prior to the breakout. The same view is seen on the 4-hour chart and increases the likelihood of gold prices sliding to the 1310 minor support initially. A close below 1310 – 1305 on the 4-hour time frame could extend gold’s declines to 1290 and could limit the upside bias formed from the bullish pennant pattern. John Benjamin John Benjamin John is a market analyst for Orbex Ltd. and is a forex and equities trader having been involved in trading since late 2009. John makes use of a mix of technical and fundamental analysis and inter-market relationships. The analysis present here is a mix of intra-day analysis while considering the long term outlook of the markets as well. For any comments or questions, John can be reached at [email protected] View All Post By John Benjamin Daily Look share Read Next Elliott Wave GBPUSD in final stages of a downtrend Gregor Horvat 6 years EURUSD Daily Analysis EURUSD (1.105): EURUSD formed a spinning bottom yesterday seeking support at 1.10 with the price action seeing a bullish follow through in early Asian trading today. The gains came after markets started pricing a Fed rate cut this year following the Brexit verdict. The Fed funds futures rate is now surprisingly pricing in a 17% rate cut by September, increasing from 7% on Friday. From a technical perspective, the euro has managed to establish support near 1.10 - 1.0985 support level and in the interim, price action remains caught above this support and below 1.1143 -… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.