Weekly Technical Forecast: EURUSD, Dow and Crude Look for Breakouts with Legs
The benchmarks of the financial market have clearly run the extent of the easy recovery from the fourth quarter tumble. With the likes of the Dow sticking at resistance, EURUSD carving an increasingly narrow range and crude oil prices failing to gain traction on their own bullish break; markets are now looking for commitment.
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The price of Crude Oil traded to the highest levels since November as traders anticipate the meeting between OPEC and strategic alliances that could renew the commitment to production curbs and further support the market.
A good week for Sterling bulls with GBP pushing higher across the board, with added volatility for good measure. Technical analysis continues to highlight a positive Sterling bias.
The DXY Dollar Index suffered its worst week’s performance since August, but the technical picture looks no closure to resolution of its persistently narrowing range. What are the levels to watch as we await the spark?
The Euro is bouncing, but with a generally weak trend, resistance, and lacking the ability to show follow-through, strength is expected to fizzle into weakness in the days ahead.
The tone of recovery held through global equities this week, and a series of rate decisions are on the docket for next week.
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