Today Technical Analysis: Oil prices remain under pressure as Brent falls below $98

Gold Technical Analysis

The hourly chart on gold shows sustained downtrend characterized by consecutive lower highs and lower lows. Price is currently hovering near its recent low of $4,480.

All major moving averages (MA5, MA10, MA20) are currently sloping downwards, indicating strong bearish control.

If price breaks below the immediate support level $4,480, we can see a continuation downward toward the next psychological support level $4,450.

However, for a reversal to occur, buyers need to push the price back above the dynamic resistance of the MA10 and MA20. Until then, any upward movement is considered a minor retracement within a dominant downtrend.

Gold 1H Chart

Source: STARTRADER app | Gold prices ease as the precious metal falls below $4,500

Brent Technical Analysis

Oil prices have experienced a steep sell-off from the recent high of $106.65 reaching $96.14. Following the sell-off, the price moved sideways into a tight consolidation channel between roughly $96.15 and $99.50.

Because the market is strictly consolidating, directional bias is neutral until a boundary is broken.

A breakdown below the $96.14 support will indicate a possible continuation of the macro downtrend, likely to the $95.00 psychological level.

However, a breakout above of the resistance $level $99.20 could trigger a short-covering rally back up toward the $101.40 level.

Brent 1H Chart

Source: STARTRADER app | Oil prices continue to fall as buying pressure cools

EURUSD Technical Analysis

After a correction that bottomed out around 1.1620 yesterday, EURUSD formed a solid base and began establishing an ascending sequence of higher lows. The pair successfully crossed back above the MA20 moving average, shifting the short-term market structure from bearish to bullish. Buying volume spikes accompany the latest green candles, confirming buyer interest at these higher levels.

A clean break above 1.1655 opens the door for a move toward 1.1675.

If the key resistance at 1.1652 holds, we can expect a minor pullback to retest the moving average support levels around 1.16380 – 1.16420 before another potential leg up.

EURUSD 1H Chart

Source: STARTRADER app | Weaker dollar pushes major currencies like the Euro higher

AUTHOR

Ghassan Albohtori 

Financial Market Analyst - STARTRADER

Ghassan Albohtori is a financial market analyst with experience in macroeconomics, investing, and currency trading. He conducts in-depth market research covering fundamental and technical analysis of different instruments to find major changes in market trends. Mr. Ghassan's main focus is the effects of economic data on different asset classes and how this affects prices.

Risk Disclaimer: This material is provided for informational purposes only and does not constitute a recommendation or investment advice. Trading financial instruments on margin involves substantial risk and may not be appropriate for all investors.