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Daily Review for May 21, 2021

Bitcoin manages to fend off shorts and is at USD$40,000.

EURUSD continues the uptrend and awaits the ECB statement.

RSI neutral on Gold, so the metal remains in investors’ portfolios.

BITCOIN +0.32%
Bitcoin price has managed to stay above the USD$40,000 mark. Strong volatility evidenced during the week. The price has dropped to USD$29,000 and then recovered to the actual level. This weekend is key for the consolidation of this zone and rebound. Yesterday recovery rally was stopped by the US Treasury, which announced taxes on transactions above USD$10,000 in Bitcoin.
Support 1: 39,557.0
Support 2: 39,267.5
Support 3: 38,893.4
Resistance 1: 40,220.6
Resistance 2: 40,594.7
Resistance 3: 40,884.1
Pivot Point: 39,931.1
The price is above the level of the 200-day moving average at USD$40,073. RSI neutral. Trading range between 38,893 and 40,884. Pivot point at 39,931. The price is between the pivot point and resistance 1. If it breaks this zone and gain momentum, the price could climb to 46,000.

EURUSD +0.01%
The currency continues to move higher, now above the 1.2230 mark. Today, several economic data could impact the EURUSD performance. Most importantly, the ECB announcement. Traders will analyze BCE comments on the market and economic outlook. At the beginning of this week, the ECB distanced its strategy from the FED, so traders want to confirmed that today. If so, we could see a pro-market ECB.
Support 1: 1.2233
Support 2: 1.2231
Support 3: 1.2229
Resistance 1: 1.2238
Resistance 2: 1.2241
Resistance 3: 1.2243
Pivot Point: 1.2236
Trading range between 1.2229 and 1.2243. Pivot point at 1.2236. RSI coming out of overbought zone. Price is above the 14-day moving average. Possible move towards 1.2250.

GOLD -0.42%
The equities markets are starting to show upward movements. At the moment, global stock markets are in positive territory. Traders are ready to test the trend depending on the economic data that will be published during the day. Also the ECB message is key for a positive close of the week. Gold prices are down 0.42% and are trading at USD$1,873.
Support 1: 1,872.19
Support 2: 1,870.57
Support 3: 1,868.09
Resistance 1: 1,876.29
Resistance 2: 1,878.77
Resistance 3: 1,880.39
Pivot Point: 1,874.67
Possible sideways movement towards 1,874. Trading range between 1,868 and 1,880, with pivot point at 1,874. RSI neutral, so gold remains in investors’ portfolios.

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