Euro rises over 1% on the day
|The euro currency is up over 1.3% on the day.
Gains come for the fifth consecutive day as the US dollar is easing.
After clearing the resistance level of 1.0900, price action is likely to continue towards the 1.1055 region.
We could expect to see the gains stalling near the 1.1055 level. A reversal at this level will see a possible decline back to 1.0900 level where support will likely form.
Further Upside For GBP/USD After Clearing 1.20
The British pound is up over 2% on the day after clearing the 1.2000 handle. In the near term, the 1.2000 region will be tested.
The current upside could see prices testing the 1.2277 region.
Given the divergence showing up on the charts, we expect that a new range will be forming within the 1.2277 and 1.1878 region.
Crude Oil Struggles Near Pivot Highs
WTI Crude oil prices are trading weaker, down over 4% on the day.
This comes amid the trend line holding up as dynamic resistance.
If the declines continue, then we expect a move lower back to the 22.00 level of support.
With the lower highs forming, there is a chance that WTI crude oil will converge into a descending triangle pattern. This signals a possible breakdown further below the 22.00 level.
XAU/USD Rebounding Off The Support Level
Gold prices briefly dipped to the 1594 level of support before rebounding slightly higher.
With the current momentum in place, there is scope for a move toward the 1655 level of resistance.
We, therefore, expect gold prices to remain range-bound within the 1655 and 1594 levels.
In the event of a breakout above 1655, we expect a move back to the 1700 level.
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