Silver extended beyond the recorded peak last May around 19.80, and by assessing the metal over weekly basis, we can see last week’s closing was exactly at this level –shown on the secondary chart below-.
Crude continues trading below support for the previously breached bullish channel, although the MA 50 maintains its stance as a support barrier that impedes achieving more bearish movement.
EURUSD achieved that awaited primary targets around 1.2900 after insuring the bullish technical pattern shown previously, while momentum indicators have entered overbought areas; where we expect some fluctuation and a slant towards some minor bearish correction to rid of this negative momentum.
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Oil extended its rise yesterday noting that trading stabilized below the subsidiary channel’s support levels that were previously breached and shifted to resistance, at 75.20. Overbought signs are appearing on the momentum indicators which adds to the strength of those resistance levels,
EURUSD trading between the retested levels at 1.2770 and 61.8% Fibonacci levels at 1.2830 and it found difficulty in breaching due to the negative sings appearing on the four-hour chart momentum indicator.
After the index exited the general upside wave in a downside correctional wave, the index continues to fluctuate within the newly established upside channel retesting the breached general support above.
Oil rushed to the upside yesterday in order to retest the subsidiary channel’s support levels that were previously breached, but failed to maintain a daily closing above it. Trading is still leaning towards negativity supported by trading below SMA 50 along with other negative signs appearing on Stochastic oscillator. These factors suggest abearish intraday direction with targets at 72.45 then 71.60, but requiring a daily closing below 74.15.