By Orbex
Euro Reverses Losses, Rising Over 0.5% On The Day
The euro is up, in an attempt to reverse losses from last Thursday and Friday.
Price action rebounded after slipping below the 1.2616 level, which is now serving as support.
While the near term outlook remains to the downside, price action remains at a critical level.
A close above 1.1347 will potentially put the euro back to the 11th of June highs.
This will then put the EURUSD back in sight within the 1.1400 price level.
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To the downside, watch for a reversal below 1.1347. If price fails to post further gains, we expect the correction to resume.
GBPUSD Rebounds Off Support, Will Price Go Higher?
The British pound sterling is posting gains after the support level near 1.2516 is holding up.
The rebound remains in line with the view of a retracement ahead of a correction. The downside bias remains as long as GBPUSD is trading below the upper resistance level of 1.2643.
In the event that price breakouts above this level, we expect the bullish momentum to continue pushing higher.
However, in the near term, we expect prices to remain range-bound within the said levels.
A breakout off these levels will potentially determine the direction of the trend.
WTI Crude Oil Holds Steady Above 34.42 Technical Support
Crude oil prices are posting modest gains, up over 1.4% on the day.
This rebound comes after prices held up near the 34.42 technical support.
To the upside, WTI crude oil is approaching the price level of 37.67.
A breakout above this level will potentially set the stage for a move toward the 40.00 handle.
The potential of a double bottom pattern near the 34.42 level also adds to the bullish upside.
In the event of price failing to rise above 37.67, we expect some consolidation to take place. This will also potentially put pressure on the support area as well.
Gold Prices Continue To Consolidate Near Highs
The recent reversal in gold prices has pushed the precious metal close to the previous highs.
Price action reversed direction, just a few points above the technical support of 1700.00.
For the moment, price action is testing the price level of 1724.62.
A close above this level could potentially push gold prices to the next key target of 1747.00. We expect the consolidation to continue overall in the near term.
By Orbex
