The following are the intraday outlooks for EUR/USD, Spot Gold, and Brent Crude as provided by the technical strategy team at SEB Group.
EUR/USD: Soon resuming the descent. A very slow rise since Tuesday’s low argues for a minor bear flag to be under construction and as such selling should be resumed any hour now. A break below 1.0719 confirms that the next step lower is well underway targeting the 1.06-area (from where we should bounce to 1.08/09 in order to follow a triangle path).
GOLD: A head & shoulders bottom? Very interesting price action yesterday with the yellow metal rising impulsively from the 2013 low area. Breaking above 1220 and an inverse head and shoulders pattern will be confirmed paving the way for a continued rise up to 1256 and 1304 (the latter being the ideal target for the head and shoulders bottom).
BRENT CRUDE: Still supported by the 55d ma band. Another downside attempt backfired yesterday with returning buyers at the low end of the 55d ma band. The recent wave pattern is rather choppy and directionless so we have currently no strong short term convictions.
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