ECB meeting is on the agenda. Will the EUR get weaker?
Market updates on June 21
· The prices for crude oil jumped to its highest levels since the end of May due to the escalation of tensions in the Middle East. Yesterday, Trump approved military strikes against Iran, but then pulled back.
· On H4, the price for WTI has tested the resistance at $57.35 (200-period SMA). If this level is broken, the next resistance for bulls in focus will lie at $58.85-59.45. If bears take over the market, they will try to pull the price for crude to the support at $56.73. If it’s broken, the next support will lie at $56.
· Brent oil successfully stuck above the 100-period SMA on H4 yesterday. Now, it is moving towards the resistance at $65.95. After the break of $64.97 level, the next key level for bulls will lie at $65.95 and $66.64 (200-period SMA). From the downside, the levels are $64.51 and $63.41.
· Gold has failed to reach the old resistance at $1,423 and bounced from the $1,404 level to $1,387. If this level is broken, the yellow metal will fall as far as the level at $1,366 will be reached. Otherwise, bulls will try to retest the highs above the $1,404 level.
· The weak USD sent USD/JPY pair lower. The flow into the safe-haven yen moved the pair to the old support at 107.12. If the pair continues to fall, we may see it reaching the 106.86 level. From the upside, we can see the resistance levels at 107.47, 107.79 and 108.33.
The news that opposition lawmakers plan to stop Boris Johnson to leave the European Union without a deal increased the political uncertainties in the UK.
The level of non-farm payrolls (NFP), also known as non-farm employment change will be published on September 6, at 15:30 MT time.
The retail sales for the US in focus today
During today's Turkish central bank meeting, the market anticipated a rate cut between 200-300 pips.
The USA will publish the level of retail sales and core retail sales on September 13, at 15:30 MT time.