Oil Technical Analysis: Brent defends 50-day EMA despite pennant breakdown

Brent suffered a pennant breakdown yesterday, signaling a continuation of the sell-off from the high of $85.08, still, the bears have not been able to keep prices below $80.00.
More importantly, brent defended 50-day exponential moving average (EMA) support yesterday, despite the pennant breakdown.
As a result, a minor bounce to $81.00 could be in the offing and only a daily close below the 50-day EMA of $79.47 would revive the bearish view.

Omkar Godbole FXStreet Contributor

4-hour Chart

Daily Chart

Current Price: $80.13

Daily High: $80.29

Daily Low: $79.88

Trend: Bullish

Resistance

R1: $80.78 (5-day EMA)

R2: $81.41 (10-day EMA)

R3: $81.83 (previous day's high)

Support

S1: 80.00 (psychological support)

S2: $79.47 (50-day EMA)

S3: $78.55 (50% Fib R of $70.33/$86.71)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD holds losses near 1.1850 as US, China holidays keep trade muted

EUR/USD opens the week on a softer note, trading near 1.1860 during the Asian session on Monday. Activity is likely to remain muted, with United States markets closed for the Presidents’ Day holiday, while Mainland China is also shut for the week-long Lunar New Year break.

GBP/USD flat lines as traders await key UK macro data and FOMC minutes

The GBP/USD pair kicks off a new week on a subdued note and oscillates in a narrow range, just below mid-1.3600s, during the Asian session. Moreover, the mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important releases from the UK and the US.

Gold remains below $5,050 despite Fed rate cut bets, uncertain geopolitical tensions

Gold edges lower after registering over 2% gains in the previous session, trading around $5,030 per troy ounce during the Asian hours on Monday. However, the non-interest-bearing Gold could further gain ground following softer January Consumer Price Index figures, which reinforced expectations that the Federal Reserve could cut rates later this year.

Top Crypto Losers: Dogecoin, Zcash, Bonk – Meme and Privacy coins under pressure

Meme coins such as Dogecoin and Bonk, alongside the privacy coin Zcash (ZEC), are leading the broader market losses over the last 24 hours. DOGE, ZEC, and BONK ended their three consecutive days of recovery with a sudden decline on Sunday, as crucial resistance levels capped the gains. Technically, the altcoins show downside risk, starting the week under pressure.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.