The Euro goes back up

The EUR/USD finds a good support around the 1.1159 level as shown on the daily chart and goes back to the 1.1300 zone. The 1.1300 level could act as resistance and the price could try to bounce to the downside from there. However, if the price breaks the 1.1300 to the upside, then the 1.1400 or the 1.1500 level could act as resistance also. Below the 1.1159 level the next support for the EUR/USD could be the 1.1100. The Non-Farm Payrolls data for Friday could cause the pair to take a clear direction. 

Golden Cross on the EUR/USD

On the daily chart of the EUR/USD we can see a Golden Cross of the 55 day exponential moving average above the 200 day exponential moving average. The cross has bullish implications and it is possible for the pair to continue going higher. Above the 1.1200 level, the pair may try to go and visit the 1.1300 level. Below the 200 day EMA, the 1.1000 could act as support. The bullish trend is still in place and if the Dollar pulls back, then this pair may continue higher towards the 1.1300 level.

Will oil rally again?

On the daily chart of the WTI light crude oil we can see that the commodity has been retracing to the downside lately, but it seems like the retracement is losing its momentum and the price is trying to go back up. The bullish trend is still in place and if the next daily candles appears to be a bullish candle, then it could be confirming a “hammer” formation, which is a bullish-reversal pattern. However, the 200 day exponential moving average, around the 42.25 level could act as resistance. To the downside, the 37.00 or the 55 day exponential moving average could act as support.

Gold nears the 1200 level

The 1200 zone has been a good support-resistance area in the past for gold as we can see on the daily chart. Over the same daily chart we can see that the 55 day exponential moving average is very close to the 1200 level, making that zone even more relevant. The price of gold could bounce to the upside around the 1200 zone, but if it breaks that zone to the downside, then the 200 day exponential moving average, which is around the 55 week EMA, could act as support. To the upside, the 1257 zone, which is where the 200 week EMA is, could continue acting as resistance.

Possible bearish continuation on the EUR/JPY

The 9 period stochastics on the daily chart of the EUR/JPY have a bearish slope, pointing towards the 50% zone. The stochastics have plenty of room to keep falling; therefore, the EUR/JPY could go back to its bearish trend in the medium term. If the pair breaks below the 124.66 level, then the bearish momentum may accelerate and the price may reach the low at the 122.04 level. Since the pair is currently in a consolidation, it may break out in any direction. That is why if it breaks to the upside, then the 200 day exponential moving average, around the 130.47 level could act as resistance.

The EUR/USD finds support at the 1.1200 level

The Euro versus the Dollar retraces today towards the 1.1200 level as shown on the daily chart. Regardless of the pullback, the pair keeps its bullish trend and it is possible for it to go and visit the 1.1300. The 1.1300 zone has proven to be a good resistance area, therefore it is possible for the price to find some difficulty breaking above it. To the downside, the 1.1100 level could act as support along with the 200 day and 55 day exponential moving averages. The current pullback on the EUR/USD could serve as an opportunity for new buyers to come into the market and take the price higher.

Copper oscillates without direction

The May contract for copper has been oscillating around the 200 day exponential moving average without taking a clear direction. Since the price coming into the consolidation had a bullish trend, then there is a higher probability of seeing a continuation to the upside. The 237 or the 243.63 could act as resistance. To the downside, the 222.00 or the 215.00 could act as support. If the Chinese economy keeps showing signs of growth, then the commodity may continue higher.