US OPENING BELL 21-06-2021
EUROPEAN STOCKS EXTEND GAINS AHEAD OF THE US SESSION; US DOLLAR CONTINUES ITS SHORT-TERM BEARISH RETRACEMENT WHILE US FUTURES ARE SET FOR A HIGHER OPEN.
European stocks extend gains during the session, with Dax gaining 0.90% and Eurostoxx 1.03%. Investors’ eyes on Wall Street open after yesterday’s semi-closure day due to the Juneteenth holiday and Biden’s possible gas tax holiday.
The EURUSD is still trying to erase all yesterday’s losses and is trading up by 0.70%. At the same time, the most capitalized cryptos (BTC and ETH) regained, for the moment, the most critical psychological supports of 20000 and 1000, respectively.
Regarding the macroeconomic calendar, investors will focus on CAD Retail Sales and US Existing Home Sales and the several FED and BoE members’ speeches scheduled later this afternoon.
EURUSD, M15
The EURUSD continues to trade above the main intraday support area between the D-1 POC and the 1.0537 mark. As expected, it reached the Yearly LVN, where it found a strong resistance that cooled down the prices and let the pair pull back until the current daily VAH. From now on, the key will be to understand if the pullback will finish between the current daily VAH and the 1.0545 mark or not. In the first case, the most likely scenario is a continuation of the bullish short-term trend to target the LVN again and eventually break it; On the flip side, if prices will not find support in the mentioned area, a drop until the D-1 POC is expected.
Main intraday support areas where to look for long trades in case of bullish candlestick pattern or short trades in case of bearish candlestick pattern: 1.0545, 1.0537, 1.0525, 1.0490.
Main intraday resistances areas where to look for short trades in case of bearish candlestick pattern or long trades in case of bullish candlestick pattern: 1.0580, 1.0614.
S&P500, M30
The S&P500 continues to retrace from its recent bottoms after lask week deep sell-off. The decline extended to the long-term support area between 3580 and 3650. From there, the US index started gaining momentum, and it is currently trading above the main intraday support area, between the D-1 VAH and the D-1 POC. Until prices manage to hold that area, the most likely scenario is a continuation of the actual trend to target the W-1 VAH first and higher resistance areas. On the other hand, if prices fail to hold the main support, a drop until the W-1 POC is expected.
Main intraday support areas where to look for long trades in case of bullish candlestick pattern or short trades in case of bearish candlestick pattern: 3733-3728, 3701, 3676, 3646.
Main intraday resistances areas where to look for short trades in case of bearish candlestick pattern or long trades in case of bullish candlestick pattern: 3772, 3800, 3855.
