The EURUSD is now trading in more of a horizontal direction, after witnessing high levels of resistance reached towards the end of the previous trading week. The short term level of resistance can be seen around the 1.177 level and the short term support level may be seen around the 1.170 level. High volatility may be seen later on in the trading day, with news announcements expected this afternoon, concerning the USD that will have a direct impact on the pair.
Which way is next?
The pair has broken the strong levels of support at the 1.303 level at the beginning of this current trading week, turning this into the new level of resistance. The pair has been moving sideways within a small range, between the 1.301 level and testing the support at the 1.295 level in the short term, but this will have to be monitored as it may start to move in a new upward or downward trend, if these levels are broken.
Price on the USDJPY has broken the strong support level, and is currently trading around the 108.99 level. The pair has been following a gentle downward trend in the short term. If this trend continues, we may see this pair continue to turn the old support levels into the new resistance level. The next levels of strong support can be seen around the 108.30 level, if this level is broken the pair may continue lower to the 106 level.
Gold has been rising in a steep upward channel, and has seemed to be heading towards the level of next strong resistance which should be hard to break around the 1295 level.
Oil has been seen to be in a bit of a zigzag testing existing support and resistance levels. It is currently testing a strong level of support around the 48.26 level. The next visible level of short term strong support may be seen around the 46.7 level.