The EURUSD price forecast update - 06-05-2024
EURUSD Price Analysis
- The EURUSD price settles at the intraday bullish channel’s support line.
- No strong move has been observed since morning.
- Thus, there is no change to the expected bullish trend scenario for today.
- The targets begin by breaching 1.0795$ to head towards 1.0875$.
- Stochastic gains positive momentum to reinforce the chances of resuming the suggested rise.
- This trend will remain valid unless breaking 1.0715$ and holding below it.
Expected Trading Range for Today:
- Support: 1.0700$
- Resistance: 1.0850$
Trend Forecast:
Bullish
Ethereum price (ETHUSD) tests the resistance – Forecast today - 06-05-2024
Ethereum Price Analysis (ETHUSD)
Expected Scenarios and Trading Range
Ethereum price (ETHUSD) hovers around 3132.80$ level and attempts to consolidate below it, accompanied by witnessing new negative signals through stochastic, waiting to motivate the price to resume the expected bearish trend for the upcoming period, which its next target located at 2905.30$.
Breaking 3095.00$ will ease the mission of achieving the suggested target, noting that breaching 3132.80$ will stop the negative scenario and lead the price to attempt to build bullish wave that its targets begin by testing 3360.31$ areas.
Expected Trading Range for Today
Between the support at 3000.00$ and the resistance at 3220.00$
Trend Forecast: Bearish
Bitcoin price (BTCUSD) hits the first target – Forecast today - 06-05-2024
Bitcoin Price Analysis (BTCUSD)
Expected Scenarios and Trading Range
Bitcoin price (BTCUSD) managed to achieve our first positive target at 63650.00$ and settles near it, fluctuating within tight sideways track in the previous sessions, waiting to get positive motive that assist to push the price to resume the intraday bullish wave, which its next target located at 65390.00$.
The EMA50 supports the suggested bullish wave, noting that breaking 62760.00$ will push the price to decline again and head to test 60252.85$ initially before determining the next destination clearly.
Expected Trading Range for Today
Between the support at 62200.00$ and the resistance at 66000.00$
Trend Forecast: Bullish
Wheat price begins negatively – Forecast today - 06-05-2024
Wheat Price Analysis
Expected Scenarios
- Wheat price provided strong positive trades in the previous sessions after breaching 614.10$ level, to reach 630.00$ areas, but we notice that it begins today with clear negativity to press on 614.10$ level, which makes us continue neutral until the price confirms its situation according to this level followed by detecting its next destination clearly.
- The contradiction between the technical indicators provides another reason for neutrality, noting that breaking 614.10$ will push the price to suffer additional losses and visit 597.10$ areas initially, while consolidating above it will lead the price to resume the bullish wave and head towards 641.50$ as a next positive target.
Trading Range for Today
- Support: 600.00$
- Resistance: 625.00$
Trend forecast: Neutral