This article focuses on the technical outlook for the EUR/USD, Nasdaq 100, and crude oil (WTI Futures), taking into account sentiment analysis and recent price action dynamics.
The EUR/USD retreated on Wednesday, after staging a massive bullish breakout in the previous session. Despite this setback, the euro maintains a positive outlook against the U.S. dollar, with the exchange rate recently printing a sequence of impeccable higher highs and higher lows and currently trading above key moving averages, as shown in the daily chart below.
In the event of sellers regaining firm control of the market and successfully pushing prices below the 1.0765 area, the short-term bias would turn bearish, meaning more losses could be in the cards for the common currency. In such a scenario, a retreat towards 1.0650 becomes plausible, with prolonged weakness elevating the risk of testing trendline support at 1.0570.
The Nasdaq 100 was subdued on Wednesday, failing to extend the previous session’s robust rally, with prices encountering resistance near July’s highs at 16,050. This area will need to be watched closely in the coming days to assess the price reaction and gain perspective on the short-term outlook, bearing in mind two possible scenarios could unfold: a bullish breakout or a bearish rejection.
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