EurUsd could drop to 1.05

On Friday’s EurUsd market commentary, I’ve written that the 1.0750-1.0760 zone is strong resistance for the pair and a break above could lead to gains towards 1.0850 and to a change of medium-term downtrend.
The pair, indeed reversed from that zone, but what should have been a correction is looking more and more that a resumption of the move started in mid-April.
Technically also a bearish move is more likely with this reversal from the 1.0750 zone, a zone that acted as support of resistance in the last year and also as strong support back in 2020.
Also, with the price under both 50 MA and 100 MA, a bearish move is more likely.
In conclusion, as long as 1.08 is intact, I’m looking to sell rallies.

GbpUsd- 1.24 is extremely important at this moment

In my previous GbpUsd analysis, I’ve written that a break above 1.24 could lead to further gains to 1.2550 and even to 1.3 if 1.2550 will also fall.
However, Friday’s NFP capped gains exactly to 1.2550, and a strong reversal followed almost negating the previous day’s candle.
1.24 remains support for GbpUsd, but the pressure switched to the sell side.
A break under this level could lead to further losses and puts the important 1.2 psychological level in focus.

Gold outlook:

Last week was an interesting one for Gold traders.
After a strong reversal from medium-term trend line support, XauUsd managed to break back above 1955 important support and also broke above the falling trend line started at the beginning of May, all suggesting a reversal to the upside.
However, on Friday, following NFP data, bears totally took control leaving an immense bearish engulfing on our daily chart exactly from the 1980 resistance.
This bearish engulfing is important for 3 reasons:
1. The pattern is exactly in a very important resistance that now becomes a strong ceiling for the price
2. This reversal puts the price back both under the falling trend line and horizontal 1955 support. Such a false break more often than not leads to continuation.
3. The daily close of the pattern is exactly in the medium-term trend line’s zone support, putting pressure for a break.

That being said, my outlook for Gold in the medium term changed to bearish and I’m waiting for further price development for confirmation of short trades.