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EURUSD below key support eyeing 1.05
GBPUSD testing key support at 1.2175. Will it hold?
EURGBP testing 0.87 resistance set to movbe higher
Dollar Index testing key resistance at 105.80. Correction time before higher levels?

EURUSD After a couple of tries EURUSD has closed below key support at around 1.0635.

RSI has cancelled its divergence indicating likely lower EURSUD levels. Next support at around 1.05

If 1.05 is reached expect a correction but the underlying sentiment and trend is down as indicated by alle daily Moving Averages are declining. Adding to that the 55 Moving Average is just a few days from breaking below the 100 Moving Average.

Medium-term EURUSD is currently indicating bearish trend. If EURUSD is closing the week below 1.0635 and if weekly RSI is closing below 40 threshold.

To demolish the short-term bearish trend a close above 1.0770 is needed.

GBP/USD Higher timeframes The monthly level of 1.2760 on this segment restrains the bearish pressure, preserving the opponent's achievements. When bullish activity returns and the high of the current correction is updated, the main focus will be on the result of testing the lower boundary of the monthly cloud (1.2893). In the case of breaking through 1.2760, bears will encounter support from the daily short-term trend, which is currently at 1.2666.

Commodities were tested after Fed Chair Powell triple downed on the Fed’s dot plots. The dollar initially caught a bid but that was short-lived. At the end of the forum, traders really didn’t learn anything new. Oil Before the EIA report, crude prices were wavering after a larger than expected drop in inventories, countered fears that several banks will be sending the global economy into recession. Yesterday, the API report showed crude stocks declined by 2.4m bpd. Energy traders however turned bullish quickly the EIA energy report showed a 9.6 million bpd draw and robust demand signs everywhere. US crude exports rose above the 5 million bpd level, jet demand rose to highest level since 2019, and the 4-week average gasoline demand surged to the best levels since December 2021. The oil outlook was too pessimistic and this report reset the market. Gold Gold remains in the house of pain, falling to a 3-month low as investors grapple with FOMO and as central banks send global bond yields higher. The peak of tightening cycles keeps getting pushed higher and that has been bad news for gold. Gold did not get any favors from Fed Chair Powell as the pushback of more tightening saw rate cut bets pushed deeper into next year. The precious metal also got some hawkish signals from the ECB and BOE, while the BOJ noted that there are signs inflation will pick up next year and that the BOJ is ready to shift policy, potentially even as soon as this year. All eyes are on gold’s $1900 level, as a breach could trigger some technical selling. Gold is above where it was trading before the ECB forum, so it might continue to stabilize here.

EURUSD below key support eyeing 1.05GBPUSD testing key support at 1.2175. Will it hold?EURGBP testing 0.87 resistance set to movbe higherDollar Index testing key resistance at 105.80. Correction time before higher levels? EURUSD After a couple of tries EURUSD has closed below key support at around 1.0635. RSI has cancelled its divergence indicating likely lower EURSUD levels. Next support at around 1.05 If 1.05 is reached expect a correction but the underlying sentiment and trend is down as indicated by alle daily Moving Averages are declining. Adding to that the 55 Moving Average is just a few days from breaking below the 100 Moving Average. Medium-term EURUSD is currently indicating bearish trend. If EURUSD is closing the week below 1.0635 and if weekly RSI is closing below 40 threshold. To demolish the short-term bearish trend a close above 1.0770 is needed.

Bullish Pressure Constrained by Monthly Level: GBP/USD Analysis

Fed Chair's Dot Plots and Energy Reports: Unveiling Commodities' Reactions

Key Support Levels in Forex Pairs: EURUSD, GBPUSD, and EURGBP

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