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EUR/USD Meets an Important Resistance

Tomasz Wiśniewski

AUDJPY used the inverse head and shoulders pattern to come back above the long-term resistance on the 80.7. Later, the price created a flag pattern and used that to bounce from this level and climb higher making new mid-term tops. The sentiment is back to the positive one.

Gold is climbing higher and getting closer to test first important resistance on the 23,6% Fibo. All Fibonacci levels are additionally strengthened by the recent support/resistance levels. Positive sentiment is supported by the fact, that we are bouncing from the long-term up trendline.

WTI crude oil broke the neckline and the horizontal support around 66 USD/bbl. Now, we are testing these areas as a resistance. As long, as we stay below, the sentiment is negative and we should see a further decline.

EURUSD used the inverse head and shoulders pattern for a bullish reversal and reached an ultimate resistance. This is the 50% Fibonacci along with the long-term neckline. Most probably, sellers will use that area to open new shorts.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

This article was originally posted on FX Empire