EURUSD has dropped yesterday below 1.1300 on Draghi’s speech and it stopped very close to the local support from 1.1230. For the past several hours, the price has retreated to test the local resistance from 1.1280. Currently is trading below it. A break and close on a 30 minutes chart above it could trigger a further appreciation of the Euro. On the other hand a drop back down would increase the selling pressure upon the support.
The rally of GBPUSD seems to have stopped for the moment at the key resistance level from 1.3740. From last thursday the pound has managed to gain more than 700 pips and is currently trading in a range between 1.4660 and 1.4780. A break below the support could trigger a further drop and continuation of the corrective move towards 1.4500. A comeback and break above the resistance area could signal a continuation of the up move towards 1.5000.
The price of WTI has retested the support from 48.70, as expected in yesterday’s technical overview, and bounced fast back up above $50 per barrel. Currently seems to be continuing on the upside. Though pretty far away, the next target for this up move might be the previous highs from 51.60. I would keep a close eye on a drop back below the 50 level which would give a very strong bearish signal.
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