Oil is gradually moving to the downside in an attempt to consolidate at the awaited retest level of 90.70. The 50 MA is still providing the needed support for crude and accordingly our morning expectations remain valid with stability above 90.70.
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Daily Technical Analysis (2010)
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The Euro is trading within a tight range since morning with a slight downside bias. Stochastic is still positive and might push the pair towards 1.3180 before reversing lower as expected, where the bearishness remains valid with stability below 1.3210.
Updating our previous analysis (follow this link to view the report) the metal is targeting the resistance for the short term ascending channel at 437.00 per ounce, watch the image below.
Crude continues trading within a narrow range controlling it since the beginning of this week, while keeping in mind trading within the symmetrical triangle.
EURUSD halted yesterday’s descend around the awaited target 1.3080 and rebounded due to the positivity of momentum indicators, alongside the strength of the mentioned support level that represents 50% Fibonacci correction.
The pair continues fluctuating around the descending channel’s resistance level at 1.3240 with a breach attempt as provided on the chart above.
Crude is trading within a narrow range since this morning near the mentioned support level highlighted this morning around 90.70; therefore, no change is evident on our morning scenario as our expectations for a bullish intraday move remain valid as long as crude is stable above 90.70.
Updating our previous report, we can see how the pair managed to breach the psychological areas of 1.0000 by trading ideally within the minor ascending channel.
Crude touched the awaited support level yesterday around 90.70 after trading within a narrow range due to weak trading levels, while stochastic is giving off positive signs alongside the MA 50 protecting the bullish intraday trend from the bottom.
EURUSD pushed to the upside to touch the descending channel’s resistance level that is currently declining to 1.3240.
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There is substantial risk of loss in trading commodity futures, options and off-exchange foreign currency products. Each investor must consider whether this is a suitable investment.
Trades or trade recommendations made on this site have not been made by Georgia Anderson.
Trades or trade recommendations made on this site have not been made by Georgia Anderson.
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