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EURUSD Maintains Bullish Gains
The euro continues its onslaught, rising against a weaker US dollar. Price action is within reach of the 1.1500 level. Price action gapped higher on Monday’s open near the 1.1300 handle. There is a risk that price could retrace gains to the gap. The momentum could recover unless the Stochastics oscillator manages to break the bearish divergence.
WTI Crude Oil Bounces off 2016 Lows
Crude oil prices fell over 30% on the day on Monday’s open. Price fell to 2016 lows of 28.00 before recovering. The declines came as Saudi Arabia started a price war following Russia’s reluctance to cut oil production. The rebound could see a possible retracement to the declines. However, it is still too early to call a bottom in prices.
GBPUSD Retreats Off the Resistance Level
The pound sterling is building a strong momentum to the upside. Price action briefly tested the resistance level near 1.3200 before slipping back. We expect prices to consolidate within the 1.3200 and ...
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