Euro Trades Mixed As Trend-Line Being Tested From Below

The euro currency is attempting to pare losses from Wednesday. However, price action remains biased to the downside.

The short term intraday bounce led the common currency to briefly rise to the 1.2144 level of resistance.

A confluence of both the trendline and the horizontal resistance level is keeping prices capped below this level.

We expect the EURUSD to probably consolidate within 1.2144 and 1.2050 levels for the near term.

Given the fact that the support level near 1.2050 has not been tested yet, we expect prices eventually sliding to test this support level.

GBPUSD Rebounds Amid A Mixed Bias

The British pound sterling is posting gains after a rebound from the trendline.

Prices remain confined within the ascending wedge pattern. A breakout above the previous highs could confirm further upside.

For the moment, price action is likely to range within the ascending wedge pattern.

The trend line is currently being tested and a close above this level could signal further gains.

However, if price retreats near the trend line, then this will open the risk to the downside.

A break down from the ascending wedge pattern will open the way for the GBPUSD to test the 1.3500 level next.

Oil Prices Drift Between 53.77 And 51.87

WTI crude oil prices continue to maintain a sideways range within the said levels. Prices attempted to make some modest gains, but at the time of writing, oil prices are giving back those gains.

The current slide could see the lower end of the range being tested once again. With the previous uptrend now coming to a halt, the current consolidation could see a breakout.

The overall bias remains mixed, but a breakout below the 51.87 level could see a possible correction down to the 49.00 level of support.

To the upside, above the 53.77 level, we could expect price to test the 55.00 level next.

Gold Prices Manage To Recover Losses

The precious metal is seen recovering from the losses from Wednesday. After losing the 1850 handle, gold prices are back above this level once again.

However, the pace of the rebound remains weak and we could see price losing the 1850 handle once again.

In the medium term, gold prices are firmly above the 1817.79 level of support. As long as this support holds, we expect the precious metal to possibly rise toward the 1874 handle.

But in the near term, we could see price action consolidating around the 1850 level for a while.