* RES 4: 132.42 2.000 proj of the May 14 - 20 - 22 price swing * RES 3: 131.95 High Jun 13 and the b...
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EURUSD is holding on to the bulk of its recent gains. The breach of 1.1419, the May 26 high, confirmed a resumption of the trend and has opened 1.1573, the Apr 21 high and bull trigger. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. Support to watch lies at 1.1216, the 50-day EMA. A clear break of this average would undermine the bull theme. Initial support is at 1.1334, the 20-day EMA.
Oil prices have held onto Friday’s 2% gains and are only slightly lower during today’s APAC trading. News that US-China trade talks would take place in London on Monday and data showing no deterioration in the US labour market in May despite heightened trade uncertainty drove the jump in prices last week. WTI is currently down 0.1% to $64.52/bbl, close to the intraday low of $64.47, while Brent is -0.1% to $66.41/bbl following $66.36. The USD index is down 0.2%.
The latest pullback in Bund futures appears corrective - for now - and the trend condition remains bullish. The recovery that started May 14 suggests the move down between Apr 22 - May 14, has been a correction. A resumption of gains would signal scope for a climb towards 131.85, the Apr 22 high. Key short-term support to watch is 128.97, the May 14 low. First support lies at 130.12, the Jun 5 low.