EURUSD Struggles To Breakout Above 1.1000 Handle
The euro currency is on the front foot as prices once again rose to test the 1.1000 level.
A brief breakout above this level led prices to intraday highs of 1.1030 before settling back under 1.1000.
Despite attempts to push higher, price action remains questionable.
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Unless there is a strong breakout, the current moves could quickly fade away.
Alternately, if EURUSD manages to establish support near the 1.1000 level, this could give the upside a bit of a push.
The next main level of interest is at 1.1132.
Sterling Retraces Gains, But Upside Bias Builds Up
The Pound sterling briefly rose to highs of 1.2364 before retreating lower.
Price action is currently back near the price level of 1.2275. Given that this proved to be a resistance level, the retest will likely establish it as support.
A successful rebound off 1.2275 will confirm further upside in GBPUSD.
The next main target is at 1.2425 where resistance will most likely keep a lid on further gains.
For the moment, the reversal near 1.2275 is important. A close below this level will invalidate the bullish bias.
Crude Oil Slips Back Below The $33.66 Technical Resistance
WTI Crude oil prices gave back the gains from earlier this week as prices are trading softer.
The commodity is trading near the 33.66 level which has been somewhat difficult to break past.
But, the Stochastics oscillator is positioned bullishly and this could trigger further upside.
A strong close is needed to confirm the upside which will see the commodity rising to the levels near $40.
XAUUSD Extends Declines As Further Downside In Scope
Gold prices are pushing lower after the precious metal failed to find support at 1717.65.
The breakdown below this level has led to gold falling over 0.80% intraday.
Prices are now trading off a minor support level at 1696.50.
If this level holds, we expect some consolidation with the price levels.
Alternatively, a break down below 1696.50 will see gold prices falling back to lower support near 1671.95.
This will mark a much-anticipated correction in gold prices in the longer-term horizon.