11 Nov

EURUSD Gives Back Monday’s Gains

November 11, 2020

By Orbex

EURUSD Gives Back Monday’s Gains

The euro’s failure at the 1.1900 level is pushing price action lower.

At the time of writing, the common currency is trading near the 1.1800 level. With the trend line and the horizontal support area, price action could be moving into a tight consolidation.

However, the Stochastics oscillator is oversold. Unless it moves further into the oversold levels, the EURUSD could be looking to rebound from the 1.1800 level.

This will keep prices trading flat between the 1.1800 and 1.1900 levels for the near term.

To the downside, the risks of a breakout are higher.

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If the euro loses the 1.1800 support, then we expect a move back to the 1.1715 level next.

GBPUSD Advances Slightly Higher

The British pound sterling is looking to build upon the gains from Monday.

However, as price approaches the 1.3300 handle, the momentum is losing steam. This could see prices pulling back in the near term.

Any downside declines will be firmly stalled near the 1.3122 level of support.

This could mean that the GBPUSD might settle into a sideways range between the said levels for the moment, given the psychological importance of the 1.3300.

To the downside, in the event of prices failing near the 1.3122 level, we could see a decline back to the 1.3000 support area.

For the moment, the Stochastics oscillator is likely to signal a short term pullback from the current highs.

Crude Oil Attempts To Break Past 41.00 Handle Again

Oil prices pulled back after testing the technical resistance area near 41.00 on Tuesday.

However, oil recouped the bullish momentum, and the commodity is now attempting to break past this psychological barrier.

A strong breakout above 41.00 could breathe some fresh air for the oil markets, which have been stuck in a strong sideways range.

With the market sentiment likely to linger on, there is scope for oil prices to break past this level.

Above 41.00, support will need to form in order to confirm further upside. This will put the next key level near 43.50 into focus.

Gold Rises After Monday’s Declines

The precious metal is trading about 1% higher on Tuesday.

The gains came after price action fell to the 1850 level briefly. With traders rejecting prices near this level, gold prices made a modest bounce to the upside.

Despite the modest gains in comparison to Monday’s fall, gold prices could be looking to settle into a range.

The upside will once again be challenged near the 1911.50 – 1900.00 level of resistance.

To the downside, the 1850 level is firmly established as strong support level.

Only a breakout from either of these levels will determine the next direction in the commodity.

By Orbex


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