EURUSD continues its positive bullish pressure stabilizing trading above 50% and below 61.8% Fibonacci correction, while ongoing signs of a bullish trend appear as its neckline meets with 61.8% at 1.2995 accompanied by positive signs appearing through the stochastic. These factors encourage us to expect an expected bullish trend this week that will start its key targets at 1.3255. As long as a base is built above 1.2425 will maintain chances of making this scenario intact.
Crude was not able to surpass pivotal resistance that is represented in support for the previously breached bullish channel, trading is stuck below this resistance currently at 79.50, above the retest level for the bullish pattern shown in our previous reports at 78.50.
The pair attempted to breach the support for the rising wedge once again, but reversed strongly to the upside with clear bullish momentum. We recommend observing trading today, especially as we await the stress tests results later today which might cause volatile trading.
Crude is attempting to revisit the retest level mentioned this morning around 78.50, supported by negativity from momentum indicators; therefore our expectations remain intact, keeping in mind that crude must build a base above 77.40 to maintain our expectations.
After recording the bottom over medium term basis at 22.72, the share started an upside correction extending beyond the 23.6% correction and currently near 38.2% at 26.10.
Crude has pushed to the upside breaching pivotal horizontal resistance around 78.50 and expect at the retest level for the previously breached rising wedge that has currently turned into resistance at 79.60. Momentum indicators are showing negative signs that may push crude to descend to retest breached resistance at 78.50, but in overall we can expect more bullish intraday movement; starting targets at 80.10 then towards 81.85. Keep in mind that the expected bullish direction requires a base to be built above 77.40.
EURUSD returned within the support for the previously breached rising wedge and above resistance for the bullish channel that represents the medium term bullish direction. This makes chances of returning the bullish trend returning within the scenario once again, but in return signs of a minor bearish technical pattern are appearing as its neckline is at 1.2875; representing resistance for the breached resistance that has currently turned into support.
Crude is currently fluctuating around the retest level for the previously breached support level that presently ascended to 76.95, due to the effect of the bullish momentum on Stochastic. We hold onto our morning expectations as long as stability is below 77.60.
EURUSD strongly rushed to the upside to attempt to surpass the retest for the support of the previously breached rising wedge, where it is heading towards the resistance level for the bullish channel that has returned to trade within. Stochastic is still showing negative signs that maintain our morning scenario intact if we do not witness stability above 1.2865.
Gold is fluctuating near the critical support for the medium term bullishness as seen above. Following the last steep downside wave, the support held against gold’s downside attempts supported by the 100 Days MA and positive signs from momentum indicators.
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