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Tuesday, June 2nd—today's news: European shares rise to three-month highs. Demand for the US dollar continues to fall amid the optimism over the economic recovery despite the protests across the country and the escalating tensions with China. EUR/USD is at 1.1179, GBP/USD—1.2561; Brent oil is $39.44 per barrel, gold is $1,747.75. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
The overall trend is upward. The currency pair is trading in the range of the round important level 0.8900. Breaking through the round secondary level of 0.8920 will result in the formation of an ascending pattern of 1-2-3. Stochastic Oscillator indicator signals oversoldness. Keep track of the rate changes in real time.
Trading recommendations: buy above the round secondary level of 0.8920; stop loss under the round secondary level of 0.8880; target levels: 0.8980, 0.9020, 0.9050.
The pair is correcting downwards after a noticeable rise caused by the optimistic outlook for the global economic recovery as countries lift lockdowns. After a possible slight correction, expect the pair to grow further. Keep track of the rate changes in real time.
Trading recommendations: there is a high probability of a 23% Fibonacci correction to 0.6220 before the pair resumes growth to 0.6365.
Oil continues to rise in price amid the production cuts and increasing demand. The company’s shares are trading in the range of the lower boundary of the flat range. Breaking through the resistance level of 552.00 will result in the formation of an ascending pattern of 1-2-3. Also, Stochastic Oscillator signals oversold. Keep track of the rate changes in real time.
Trading recommendations: buy above 552.00; stop loss: 534.00; target levels: 573.50, 615.00.
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*Trading recommendations offered by analysts do not constitute a solicitation. Before starting to trade on currency exchange markets, please make sure that you understand the risks connected with the use of leverage and that you have sufficient level of training.